Home Depot Inc (NYSE: HD ) stock moved slightly lower on Tuesday morning after the company reported worse-than-expected revenue and same-store sales growth in the first quarter. However, Home Depot reaffirmed its full-year guidance and says the economic backdrop remains favorable for the company.

Home Depot reported quarterly adjusted earnings per share of $2.08, above consensus analyst estimates of $2.05. First-quarter revenue was $24.95 billion, missing analysts' target of $25.15. Revenue was up 4.4 percent from a year ago.

Same-store sales in the quarter were up just 4.2 percent, well short of last quarter's 7.5 percent growth and consensus estimates of 5.4 percent growth.

[See: 7 of the Best Stocks to Buy for 2018 .]

Home Depot reported a 1.3 percent decline in customer transactions, but a 5.6 percent increase in average ticket size to $66.02.

Home Depot and competitor Lowe's Companies ( LOW ) have benefited from a strong U.S. housing market and repair demand following several destructive natural disasters in the past year, including floods and hurricanes. Unfortunately, the weather turned from friend to foe for Home Depot in the first quarter, when seasonably cold weather in much of the country negatively impacted sales.

"We are pleased by the strength of our business despite a slow start to the spring selling season," CEO Craig Menear says in a statement. "Outside of our seasonal business, we had solid results in all markets and categories and are seeing strong momentum in all lines of business during these first few weeks of May."

Despite the sluggish start to the year, Home Depot reaffirmed its full-fiscal-year sales growth guidance of 6.7 percent and its same-store sales growth guidance of 5 percent. Home Depot also still expects full-year EPS of $9.31.

Bank of America analyst Elizabeth Suzuki says investors should expect Home Depot's business to bounce back in the second quarter.

"The sequential deceleration in comp from plus 7.5 percent in 4Q17 was due to unseasonably cold spring weather across much of the US, which held back seasonal sales in particular," Suzuki says. "We believe that these seasonal sales will likely be delayed as opposed to lost, and we expect a [quarter-over-quarter] rebound in 2Q comps."

[See: 10 Stocks to Buy for the Stay-at-Home Economy .]

Bank of America has a "buy" rating and $215 price target for HD stock.

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