new york
CNN
—
Home Depot’s latest quarter sales fell 2% as consumers turned away from major housing projects.
“We saw continued pressure in certain high-end discretionary categories,” Home Depot CEO Ted Decker said in a news release on Tuesday.
home depot
(HD) closely monitored barometer For residential market.
Americans feel bad about housing. According to Fannie Mae’s July Home Buying Sentiment Index, just 18% said it was a good time to buy, the lowest level on record. People continue to blame rising house prices and unfavorable mortgage rates for the tough housing situation.
Spending on home renovations during the pandemic from 2020 to 2022 increased at an extraordinary pace, driven by a combination of home-buying frenzy and people’s need for improved spaces at home. In addition to strong household balance sheets, higher prices for home improvement goods and services have boosted the Home Depot and others.
But U.S. consumers have recently cut back on discretionary spending, such as buying home improvements.
The company stuck to its full-year outlook, expecting sales to fall by as much as 5% this year compared to last year.
Home Depot shares were flat in pre-market trading.
