Cold spring hurts Home Depot's 1Q same-store sales growth
NEW YORK (AP) — Home Depot reported slower-than-expected sales growth for the first quarter, as spring weather that was colder than usual hurt sales of fertilizer, live plants and other gardening-related items.
Sales rose 4.2 percent at all established Home Depot stores during the first three months of the year. It was the lowest quarterly rate of growth since the second quarter in 2015. The figure was also below the 5.5 percent increase analysts expected, according to FactSet.
However, the company kept its earnings and revenue guidance unchanged for the year, saying that despite the slow start to the spring selling season, it's been building momentum during May.