Home Depot raised its annual same-store sales forecast on Tuesday, betting on resilient demand from professional contractors to offset weak spending on bigger projects such as kitchen renovations.

Strom damage across the Southeast accounted for higher sales to contractors, and the chain also forecast stronger results as mortgage rates drop.

Home Depot (NYSE:HD) reported revenue rose 6.6% year-over-year to $40.2 billion in Q3. Comparable sales in the U.S. decreased 1.2% for the quarter that ended on October 27 to beat the consensus expectation for a drop of 3.

Home Depot forecast a smaller drop in annual same-store sales on Tuesday, benefiting from resilient demand from professional contractors, as well as a lift from hurricane-related spending. Shares of the top U.

Home Depot (HD) shares rose Tuesday morning after its third-quarter results came in above estimates and the retailer also lifted fiscal 2024 sales projections. The home improvement giant reported revenue of $40.

Home Depot narrowed 2024 guidance early Tuesday after beating earnings and sales estimates for the third quarter. Home Depot stock fell in a buy area. The home improvement store giant is now guiding a 1% decline in adjusted earnings per share for the full year vs.