The Home Depot (NYSE: HD), Atlanta, reported sales of $27.2 billion for the third quarter of fiscal 2019, a 3.5% increase from the same period a year ago. Net earnings for the fiscal second quarter were $2.8 billion, down 3.4% from the year-ago period.
Sales for the first nine months increased 3.3% to $84.4 billion. Net earnings decreased 0.2% to $8.8 billion.
“Our third quarter results reflected broad-based growth across our business, yet sales were below our expectations driven by the timing of certain benefits associated with our One Home Depot strategic investments,” said Craig Menear, chairman, CEO and president. “We are largely on track with these investments and have seen positive results, but some of the benefits anticipated for fiscal 2019 will take longer to realize than our initial assumptions. As a result, today we are updating our fiscal 2019 sales guidance, and we are reaffirming our fiscal 2019 earnings-per-share guidance. We are encouraged by the momentum in our business as we invest to extend our competitive advantages. I would like to thank our associates for their hard work and continued dedication to our customers.”