Home Depot topped profit and sales expectations in its most recent quarter, but sales continue to decline as inflation and soaring interest rates play a larger role in the spending choices made by Americans.
Second quarter revenue was $42.92 billion, edging out Wall Street expectations for $42.25 billion, according to a survey of industry analysts by Zacks Investment Research. Yet that's down 2% from the $43.87 billion that nation's largest home improvement retailer reported during the same stretch last year, and sales have fallen 3.1% through the first half of the year compared with 2022.
There are signs that consumers, after spending big on homes during the pandemic, are slowing their roll. The Federal Reserve has, in effect, locked many homeowners into the places they own, rather than upgrading, after raising its benchmark rateNeil Saunders, Managing Director of GlobalData, said Home Depot faces increasing challenges ahead.
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