Home Depot’s revenue during the first quarter fell short of expectations and the company on Tuesday cut its annual sales forecast and projected a decline in profit for the first time since 2009.
Shares of the nation’s largest home improvement chain tumbled about 4 percent, while those in rival Lowe’s dropped nearly 3 percent.
For the three months that ended April 30, revenue dropped to $37.26 billion from last year’s $38.91 billion, and it was short of the $38.45 billion projected by analysts polled by Zacks Investment Research.
The retailer previously benefited from a rise in home-improvement projects that were popular during the COVID-19 pandemic….