Home Depot Inc on Tuesday blamed wet weather in February and a slump in lumber p...
- Home Depot Inc on Tuesday blamed wet weather in February and a slump in lumber prices for its slowest growth in quarterly same-store sales in at least three years, while warning of a $1 billion impact from new tariffs on Chinese imports.
Bad weather along with land and labor shortages have constrained builders’ ability to construct new houses especially in the low-price segment, creating a supply glut for lumber, a key building material. Lumber futures have fallen 28.6% since their 2019 highs in early February. The commodity made up nearly 8% of Home Depot’s sales in the last fiscal year.
Same-store sales at the home improvement chain rose 2.5% in the quarter ended May 5, but missed expectations of a 4.2% increase, according to IBES data from Refinitiv.
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