Home Depot Cuts Forecasts Amid Pullback on Home Improvements

Home Depot Cuts Forecasts Amid Pullback on Home Improvements
Cars are parked at a Home Depot in Philadelphia in a file photo. Matt Rourke/AP Photo
Updated:

Home Depot’s revenue during the first quarter fell short of expectations and the company on Tuesday cut its annual sales forecast and projected a decline in profit for the first time since 2009.

Shares of the nation’s largest home improvement chain tumbled about 4 percent, while those in rival Lowe’s dropped nearly 3 percent.