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UPDATE 1-Home Depot cuts 2019 sales forecast on falling lumber prices, tariff impact

impact@ (Adds details from earnings release)

Aug 20 (Reuters) - Home Depot Inc cut its full-year sales forecast on Tuesday, blaming a slump in lumber prices and the potential impact of the ongoing U.S.-China trade war on consumer spending.

Lumber futures have fallen about 16% since their 2019 highs in early February, as land and labor shortages have constrained builders' ability to construct new houses, creating a supply glut for the key building material. That hurt Home Depot's results as lumber accounts for roughly 8% of the company's sales.

The United States has already imposed tariffs on hundreds of billions of dollars worth of Chinese imports, a move that Home Depot previously said would raise annual cost of goods sold by about $1 billion.

The home improvement chain said it now expects its 2019 sales to rise about 2.3%, down from a prior forecast of a 3.3% increase.

Home Depot also cut its full-year same-store sales growth forecast to 4% from 5%.

Net income in the second quarter ended Aug. 4 fell to $3.48 billion from $3.51 billion.

Net sales rose to $30.84 billion from $30.46 billion, marginally missing analysts' average estimate of $30.98 billion, according to IBES data from Refinitiv.

The company recorded a profit of $3.17 per share, beating analysts' estimates of $3.08 per share. (Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)