Home Depot (NYSE:HD) reported first-quarter comparable sales that fell short of analyst expectations, leading to a slight decrease in stock price in Tuesday’s pre-market trading.

The home improvement retailer recorded first-quarter earnings per share (EPS) of $3.63, slightly above the analyst prediction of $3.60. However, its revenue for the quarter reached $36.42 billion, missing the consensus estimate of $36.66 billion. Year-over-year, comparable sales dropped by 2.8%, a steeper decline than the 2.19% decrease analysts had anticipated. In the U.S., comparable sales decreased by 3.2%, compared to the forecasted 2.35% decline.

Home Depot confirmed its fiscal 2024 guidance, which accounts for a 53-week operational year. The company recently announced a definitive agreement to acquire SRS Distribution Inc., but since the acquisition has not yet been finalized, the guidance does not include any potential impacts from the acquisition.

For the fiscal year, Home Depot expects total sales to grow by about 1.0%, with the inclusion of the extra week expected to contribute approximately $2.3 billion to the total sales.

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