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It was a good day for Home Depot shareholders as the home improvement retailer's stock rose more than 4% on stronger-than-expected earnings. The company posted on Tuesday a profit of $3.17 per share while analysts polled by Refinitv expected earnings per share of $3.08.
CEO Craig Menear highlighted momentum from the company's "strategic investments" in the company's quarterly report. He added that "the current health of the U.S. consumer and a stable housing environment continue to support our business."
Home Depot's better-than-forecast profit was enough for investors to look past the company's weaker-than-expected revenue. The company generated $30.839 billion in revenue for the previous quarter. Analysts expected sales to come in at $30.985 billion, according to Refinitiv.
Home Depot pointed to weaker lumber prices as one of the reasons for the disappointing sales numbers. Lumber futures are down about 16% since February. Lumber sales account for about 8% of Home Depot's total sales.
The company also cut its revenue outlook for the year, citing worries over U.S. tariffs on Chinese goods hurting the consumer.
Kohl's shares were hit to the tune of 5% after reporting a bigger-than-forecast decline in same-store sales, a key metric for retailers. The company said same-store sales contracted by 2.9% in the second quarter. Analysts polled by Refinitiv expected a decline of 2.5%.
Still, CEO Michelle Gass noted same-store sales for the second quarter improved from the first quarter. She added the company is confident in its "upcoming brand launches, program expansions, and increased traffic from the Amazon returns program will incrementally contribute to our performance during the balance of the year and beyond."
Kohl's has fallen sharply this year. The stock has lost more than 30% of its value in 2019 and has plunged 27% over the past three months.
The medical devices maker reported better-than-expected quarterly results, sending its stock up more than 3.5% and on pace for its biggest one-day gain in a year.
Medtronic reported earnings per share of $1.26 on revenue of $7.493 billion. Wall Street analysts expected a profit of $1.18 per share on sales of $7.396 billion.
The company's sales topped estimates across all of its divisions, including cardiac and vascular devices, which raked in $2.79 billion in the quarter.
Medtronic has had a stellar year thus far. The stock is up more than 18% in 2019 and has surged 23% over the past three months.