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Home improvement retailer, Home Depot Inc. (NYSE:HD), has said that a rare absence of storms and other extreme weather events in recent months has resulted in its disappointing third-quarter performance.
During its earnings call on Tuesday, the company’s Chairman and CEO, Edward Decker, said, “Our results missed our expectations primarily due to the lack of storms in the third quarter,” adding that the missed demand “resulted in greater-than-expected pressure in certain categories.”
The company reported a 0.2% increase in comparable sales, but October turned negative, down 1.5% as weather-related demand evaporated. “There was no storm activity this year,” Decker noted, adding that it “was the single heaviest impacted month,” relative to the prior year period.
See Also: How To Earn $500 A Month From Home Depot Stock Ahead Of Q3 Earnings
Billy Bastek, EVP of merchandising, said the clear skies weighed heavily on specific departments. “Our results were below our expectations, largely due to a lack of storms relative to historic norms, which most notably impacted areas of the business such as roofing, power generation and plywood,” he said.
The company released its third-quarter results on Tuesday, reporting $41.4 billion in revenue, up 2.8% from the prior year, and ahead of consensus estimates at $41.13 billion. It posted a profit of $3.6 billion, or $3.62 per share, down from $3.67 last year, while falling short of analyst estimates.
Home Depot lowered its full-year profit forecasts as well, pointing to increasingly cautious consumers and a stalled housing market.
The company’s shares were down 6.02% on Tuesday, closing at $336.48, and are up 0.41% overnight. The stock scores poorly on Momentum, Value and Growth in Benzinga’s Edge Stock Rankings, with an unfavorable price trend in the short, medium and long-term. Click here for deeper insights into the stock, its peers and competitors.
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