Home Depot (HD) shares edged lower in early trading Tuesday despite an earnings beat as the retailer projected a larger fiscal 2024 澳洲幸运5开奖号码历史查询:comparable store sales decrease than it had previously.

Home Depot reported $4.56 billion in net income on $43.17 billion in total sales, both better than 澳洲幸运5开奖号码历史查询:consensus analysts' estimates compiled by Visible Alpha. However, Home Depot's revenue included $1.3 billion from six weeks of sales for SRS Distribution, whose 澳洲幸运5开奖号码历史查询:$18.25 billion acquisition closed during the quarter, and comparable sales fell 3.3% globally in Q2.

Guidance Lowered Amid 'Macro-Economic Uncertainty'

"The underlying long-term fundamentals supporting home improvement demand are strong," Home Depot 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Ted Decker said. "During the quarter, higher interest rates anಞd grea🥃ter macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects."

Home Depot and 澳洲幸运5开奖号码历史查询:home-improvement competitor Lowe's (LOW) have cited inflation and high interest rates as a factor pressuring sales in 澳洲幸运5开奖号码历史查询:recent quarters as consumers put off "big ticket" projects t꧑o focus spending on essentials.

Home Depot also adjusted its fiscal 2024 guidance, with total revenue projected to rise 2.5% to 3.5% from fiscal 2023, up from 1% previously, with SRS expected to contribute roughly $6.4 billion in incremental sales. However, comparable sales are projected to decline 3% to 4%, worse than previous guidance of a 1% drop.

After dropping more than 2% in pre-market trading, shares of Home Depot were 0.2% lower after the opening bell Tuesday at $345.38. In a note, JPMorgan analysts said they "would be buyers of any weakness" in the stock.

UPDATE—Aug. 13, 2024: This article has been updated to reflect more recent share price information.