Home Depot reiterates fiscal 2013 forecast
Home Depot maintains fiscal 2013 forecast, but it is below Wall Street's expectations
ATLANTA (AP) -- Home Depot is reaffirming its fiscal 2013 outlook, but it is below analysts' expectations.
The nation's largest home improvement retailer said Wednesday that it still expects earnings of $3.72 per share, with revenue up about 5.6 percent. Based on 2012's revenue of $74.75 billion, the guidance implies approximately $78.9 billion.
Analysts polled by FactSet predict full-year earnings of $3.74 per share on revenue of $79.07 billion.
Home Depot Inc. said that sales at stores open at least a year is expected to rise approximately 7 percent. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
For fiscal 2014, the Atlanta company anticipates earnings per share climbing about 17 percent, after expected buybacks. Sales are expected to increase about 5 percent.
Last month Home Depot reported that its fiscal third-quarter profit rose as sales at its U.S. stores strengthened amid the improvement of the housing market.
The company had 2,260 stores in 50 states, the District of Columbia, Puerto Rico , U.S. Virgin Islands , Guam , 10 Canadian provinces and Mexico at the third quarter's end.
Home Depot shares rose a penny to $78.62 in premarket trading three hours ahead of the market opening.