Home Depot cuts 2019 sales forecast, shares fall

Home Depot cuts 2019 sales forecast, shares fall

FILE PHOTO: The logo of Home Depot is seen in Encinitas, California April 4, 2016. REUTERS/Mike Blake

(Reuters) – Home Depot Inc (HD.N) cut its full year sales forecast on Tuesday, saying it was taking longer than expected for its investments to integrate its online and in-store shopping experience to pay off.

The home improvement chain’s shares fell 8% in pre-market trading.

Same-store sales at Home Depot rose 3.6% in the third quarter ended Nov. 3, below expectations of a 4.7% increase, according to IBES data from Refinitiv.

Home Depot said it expected its fiscal 2019 sales to rise about 1.8%, compared to a prior forecast of a 2.3% increase.

Reporting by Uday Sampath in Bengaluru; Editing by Tomasz Janowski

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