Home Depot: Promotional Discounting Is Turning Rational (NYSE:HD)

Home Depot Raises Its Minimum Wage For Workers

Justin Sullivan

Home Depot (NYSE:HD) reported a -3.1% same-store sales growth in Q3 FY23, slightly surpassing the market consensus. Management suggests this year is a period of moderation, with promotional discounting activities becoming more rational. Since my initiation

Read the rest

Bed Bath & Beyond to cut jobs, close stores amid weak Q2 results

New Jersey, Sept. 1, (dpa/GNA) - Facing weak quarterly results, US home improvement retailer Bed Bath & Beyond Inc plans to introduce cost-cutting measures. 

The struggling firm announced on Wednesday various measures to meet demand, drive growth and profitability, and improve its balance sheet and cash flows. 

These include 20% job reduction plans and plan to exit a third of its Owned Brands, and to close 150 lower-producing banner stores. 

The company also sees weak comparable sales in the second quarter and fiscal 2022. 

In pre-market activity on the Nasdaq, the shares were losing around 24% to trade at $9.23. 

For the second quarter, the company now expects net sales of approximately $1.45 billion and comparable sales decline of approximately 26%. 

Further, for fiscal 2022, the company now expects comparable sales decline in the 20% range. 

In its strategic and business update focused on changes, the company said cost optimization

Read the rest

Home Depot Blasts Q2 Profit Forecasts Amid Home Improvement Surge

Updated at 11:05 am EST

Home Depot (HD) posted better-than-expected second quarter earnings Tuesday, while reiterating its full-year profit forecast, as the retailer saw an unexpected surge in home improvement demand amid a slowing housing market.

Home Depot said earnings for the three months ending in July, the company’s fiscal second quarter, were pegged at $5.05per share, up 11.5% from the same period last year and firmly ahead of the Street consensus forecast of $4.94 per share. Group revenues, Home Depot said, rose 6% to $43.8 billion, firmly topping analysts’ estimates of a $41.12 billion tally.

Same store sales were up 5.8% from last year, Home Depot said, soundly beating the Refinitiv forecast of 2.8%, while comparable sales in the US were up 5.4%, a figure that also topped Street forecasts. Average tickets rose 9.1% per trip, compared to a 11.4% growth rate in the first three months

Read the rest