Home Depot’s Spring Sales Delayed, but Full Year Intact; Shares Modestly Overvalued
With spring off to a late start, we weren’t surprised that wide-moat Home Depot’s first-quarter same store sales came in a little light (at 4.2% versus our 4.8% estimate). This marks the lowest comp store growth in 11 quarters (since the second quarter of 2015) and is trending toward to our long-term normalized growth rate of around 3%. However, with the company bumping the sales forecast modestly to 6.7% (from 6.5%) and keeping its full-year comp outlook at 5%, we expect delayed spring sales wi...The Home Depot is a home improvement retailer. The company provides its customers an assortment of building materials, home improvement products, lawn and garden products, and decor products and provides a number of services, including home improvement installation services and tool and equipment rental. The company also maintains a network of distribution and fulfillment centers, as well as a number of e-commerce websites. The company provides a number of programs for its Professional Customers to meet their particular needs, and for its Do-It-Yourself and Do-It-For-Me customers, the company provides a number of installation services. The company also provides tool and equipment rentals for its customers.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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