Home Depot sales continue to slide as Americans wrestle with rising costs and the company narrowed its outlook for the year. But the nation's biggest home improvement retailer still topped expectations for the quarter and shares jumped more than 6% Tuesday. Home Depot now expects an earnings per share to decline between 9% and 11% in 2023 and same store sales to fall 3% to 4%.
The company previously anticipated an earnings per share drop between 7% and 13% and a same-store sales decline of 2% to 5%. It's the first time that Home Depot has projected a decline in annual sales since 2009, when the U.S. economy was decimated by a massive housing bubble. Americans are more closely watching where they spend money as costs rise. The average receipt at Home Depot declined 0.3% from last year during the same period, and customer transactions are down 2.4
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