COBB COUNTY, Ga. — Atlanta-based Home Depot shared its latest financial outlook on Tuesday morning, reporting $3.6 billion was earned in the latest quarter.
Among the company’s updates, Home Depot officials said $900 million of their sales for the quarter were from their recent purchase of GMS Inc., which they finished merging with in August.
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By the numbers, Home Depot reported sales grew 3% overall, with GMS expected to contribute $2 billion in incremental sales.
The company also said it plans to open 12 new stores.
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While sales were up $1.1 billion compared to last year, Home Depot said in an earnings statement that it had still missed some marks.
“Our results missed our expectations primarily due to the lack of storms in the third quarter, which resulted in greater than expected pressure in certain categories. Additionally, while underlying demand in the business remained relatively stable sequentially, an expected increase in demand in the third quarter did not materialize. We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand,” Ted Decker, chair, president and CEO, said in a statement.
Still, Decker said the Home Depot team was working hard to continue growing the company’s market share.
Adding context, Home Depot said that “while underlying demand in the business remained relatively stable, a lack of storms in the third quarter resulted in greater than expected pressure in certain categories like roofing, power generation and plywood. We believe that increased consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand.”
Company officials also said that nine out of their 16 merchandising departments had posted positive comps and online sales were up 11%.
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