Home Depot Beats Earnings Estimates, but Sales Slide as Consumers Pull Back on Big-Ticket Buys
August 16, 2023
Home Depot has beaten earnings expectations for the quarter but faced a 2% year-over-year sales decline as consumers remain cautious about big-ticket purchases and major projects. Despite the earnings beat, the company maintained its forecast for the fiscal year, projecting sales and comparable sales to decline between 2% and 5% compared to the previous year. Chief Financial Officer Richard McPhail noted consumers’ caution regarding larger-ticket discretionary spending, with some having already made such purchases during the pandemic and others deferring them due to higher interest rates.
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