Home Depot misses quarterly same-store sales estimates

Business

FILE PHOTO: A Home Depot store is seen in Los Angeles, California March 17, 2015. REUTERS/Lucy Nicholson/File Photo

(Reuters) – Home Depot Inc missed Wall Street estimates for quarterly same-store sales on Tuesday, hurt by poor weather in February and a steep fall in lumber prices.

Same-store sales at home improvement chain rose 2.5% in the first quarter ended May 5, below expectations of a 4.2% increase, according to IBES data from Refinitiv.

Net sales rose to $26.38 billion from $24.95 billion, beating analysts average estimate of $26.36 billion.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur

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