Lumber price decline and reduced DIY spending impact Home Depot sales

Lumber prices under pressure contributed to Home Depot missing quarterly sales expectations, leading to the home improvement retailer's shares dropping to a nearly seven-month low. Fiscal first-quarter sales fell 4.2% to $37.3 billion, falling short of the $38.3 billion analysts expected in a FactSet poll. Earnings fell to $3.82 a share but were ahead of the $3.80 estimate. "Our sales for the quarter were below our expectations primarily driven by lumber deflation and unfavorable weather, particularly in our Western division as extreme weather in California disproportionately impacted our results," Home ...