- Home Depot (NYSE:HD) is down 2.9% after the company warned during its conference call that Q4 comparable sales will decelerate from the level seen in Q3 due to a tough comparable to a year ago when $400M worth of hurricane-related sales were generated.
- Management pointed to the strong economic growth in the U.S., while acknowledging that some housing metrics are moderating. Still, big ticket sales by Home Depot of transactions over $1K accounted for ~20% of total U.S. sales on 9.1% Y/Y growth.
- While the company set implied Q4 guidance of $2.10 to $2.12 to fall short of the consensus estimate of $2.17, RBC Capital Markets is out with a reminder that Home Depot tends to be conservative with its outlook.
- Home Depot earnings call webcast
- Shares of Home Depot are now down about 7.4% over the last week.