Home Depot raises full-year profit and sales forecast due to hurricanes
Bengaluru — On Tuesday, Home Depot, the largest US home improvement chain, raised its full-year profit and sales forecast again after hurricanes Harvey and Irma spurred demand for generators, flashlights and rebuilding materials. The Dow component is riding a multi-year recovery in the housing market, but as hurricanes ravaged the southern US, customers flocked to its stores for emergency supplies. Home Depot’s shares, already up 23% this year, were largely unchanged at $165.30 in pre-market trading. "Home Depot’s recent comparable store sales performance and improved sales and earnings guidance is a good indicator that the home improvement sector continues to paint a better outlook, as it sidesteps broader retail woes," said Moody’s vice-president Bill Fahy. The US housing market recovery has been supported by steadily rising wages and low unemployment rates but supply constraints have been pushing up prices, encouraging homeowners to remodel homes and boosting sales at home improv...
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