Home Depot Reported Its Largest Revenue Miss In Over 20 Years

Home Depot reported its largest revenue miss in over 20 years and lowered its forecast for the year due to various factors. The home improvement retailer cited consumer delays in large projects and decreased purchases of high-ticket items like patio sets and grills as reasons for the decline. Cold weather and falling lumber prices also negatively impacted sales in the fiscal first quarter. Home Depot now expects sales and comparable sales to decline between 2% and 5% for the fiscal year, compared to its previous prediction of flat sales. The company's shares fell about 3% in premarket trading following the announcement.