May 21, 2019 / 10:31 AM / 6 months ago

CORRECTED-UPDATE 1-Home Depot same-store sales misses on cold weather, weak lumber prices

(Corrects last paragraph to say net sales rose to $26.38 billion, not $24.95 billion)

May 21 (Reuters) - Home Depot Inc reported its slowest growth in quarterly same-store sales in at least three years on Tuesday and missed Wall Street estimates, as the home improvement chain was hurt by poor weather in February and a steep fall in lumber prices.

Unusually cold and wet weather delayed the onset of spring season and kept many Americans indoors, which according to analysts hurt first-quarter sales of Home Depot’s gardening-related products.

Same-store sales at the home improvement chain rose 2.5% in the quarter ended May 5 and missed expectations of a 4.2% increase, according to IBES data from Refinitiv.

The company’s net income rose to $2.51 billion, or $2.27 per share, from $2.4 billion, or $2.08 per share, a year earlier.

Analysts were expecting earnings of $2.18 per share.

Net sales rose 5.7% to $26.38 billion, beating analyst average estimate of $26.36 billion. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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