: Home Depot stock rises toward 4-month high after affirming 2023 profit and sales outlook

Shares of Home Depot Inc. HD rose 0.7% toward a four-month high in premarket trading Tuesday, after the home improvement retail giant affirmed the full-year earnings outlook it provided last month. Ahead of the company’s investor meeting, the company said it still expects fiscal 2023 net and same-store sales to decline between 2% and 5%, earnings per share to fall between 7% and 13% and operating margin of between 14.3% and 14.0%. The company provided a “market stability base case outlook” for the overall home improvement market, with sales growth of between 3% and 4% expected per year, and EPS growth in the mid-to-high-single-digit percentage range. “Once the home improvement market returns to stability, we expect to see sales growth consistent with how our business has performed in the past,” said Chief Financial Officer Richard McPhail. “While the base case assumes share capture, we are not ruling out a case for even higher growth.” The stock has slipped 4.8% year to date through Monday, while the Dow Jones Industrial Average DJIA has gained 2.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.