Home Depot cuts outlook citing tariffs, lumber prices

August 20, 2019 - 3:35 am

ATLANTA (AP) — Home Depot is cutting its sales expectations for the year because of falling lumber prices and the potential damage from tariffs.

The company now expects sales to rise 2.3%, down from earlier forecasts of 3.3%.

The home-improvement retailer on Tuesday reported a second-quarter profit of $3.48 billion, or $3.17. That's a dime better than Wall Street had expected, according to a survey by Zacks Investment Research.

Revenue was $30.84 billion, just short of expectations.

The Home Depot Inc. expects full-year earnings to be $10.03 per share.

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