Home Depot increases FY profit forecasts

New York

HOME Depot Inc raised its full-year forecasts but concerns over a looming slowdown in the US housing market due to supply constraints weighed on the retailer's stock.

Shares of the No 1 US home improvement chain, which also reported higher-than-expected quarterly profit and comparable sales, fell nearly 4 per cent in morning trading on Tuesday. The Dow component's stock had risen 15 per cent this year, as of Monday's close.