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https://i-invdn-com.investing.com/trkd-images/LYNXMPEH7G0FH_L.jpgThe Atlanta, Georgia-based company’s shares, which have gained more than 26% this year, fell 4.9% in pre-market trading.
Home-improvement chains had a blockbuster 2020 as revenue and profit surged from stuck-at-home Americans splurging on paint, tools, and gardening equipment to upgrade their living spaces through DIY projects.
The steady rollout of COVID-19 vaccines, however, prompted more Americans to return to outdoor activities and abandon some pandemic-induced shopping habits.
U.S. same-store sales at Home Depot (NYSE:HD) climbed 3.4% in the second quarter ended Aug. 1 – the smallest increase in two years, while analysts had expected an increase of 4.9%, according to IBES data from Refinitiv.
Overall net sales rose 8.1% to $41.12 billion, beating estimates of $40.79 billion.
Net earnings in the reported quarter rose 11% to $4.81 billion. The home-improvement retailer earned $4.53 on a per-share basis, beating estimates of $4.44 per share.