Home Depot raised its annual same-store sales forecast on Tuesday, betting on resilient demand from professional contractors to offset weak spending on bigger projects such as kitchen renovations.

Strom damage across the Southeast accounted for higher sales to contractors, and the chain also forecast stronger results as mortgage rates drop.

Home Depot reported decent revenue growth for Q3 thanks, in part, to hurricane activity, but it experienced a decline in net earnings.

The home-improvement retailer raised its guidance following strong third-quarter sales as demand rose for grills and paint. Hurricane preparations in the Southeast also provided a bump.

Home Depot narrowed 2024 guidance early Tuesday after beating earnings and sales estimates for the third quarter. Home Depot stock fell in a buy area. The home improvement store giant is now guiding a 1% decline in adjusted earnings per share for the full year vs.

The home-improvement retailer said sales came in higher than expected in the third quarter as weather around the country normalized and as demand rose for certain home projects.