The home improvement retailer is seeing customers defer major home projects due to high interest rates.on Tuesday posted quarterly revenue below Wall Street's expectations, as shoppers postponed bigger discretionary projects like bath and kitchen remodels because of higher interest rates and made spring purchases late.
"The home improvement customer is extremely healthy from a financial perspective," he said. "And so it's not the case of not having the ability to spend. What they tell us is they're just simply deferring these projects as given higher rates, it just doesn't seem the right moment to execute."compared with what Wall Street expected, based on a survey of analysts by LSEG:Net income for the fiscal first quarter decreased to $3.6 billion, or $3.63 per share, from $3.
In the fiscal first quarter, customers made fewer visits to Home Depot's stores and website and tended to spend less when they did. Customer transactions declined 1% to 386.8 million and average ticket fell 1.3% to $90.68.
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