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Home Depot hits the brakes: Three-year robust sales run ends amid pull back on home improvements | CNN Business

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Home Depot reported a dismal quarter as consumer spending on home improvement projects came to a screeching halt.

The retailer posted disappointing sales for its first quarter and lowered its outlook for the year after customers slowed their spending. Home Depot\n \n said sales fell 4.5% at stores open at least a year during its latest quarter, and its income decreased 6.4% from the same stretch a year ago. Total revenue for the quarter slipped 4.2% versus a year ago, to $37.3 billion.

So, rather than do an entire room or an entire basement, you start working the way at it in smaller chunks. And that clearly impacts items per basket in overall activity.” Managing Director with Global Data and retail expert Neil Saunders said in a note Tuesday that Home Depot’s slowing sales pace “is somewhat worrying as it reflects an underlying softness which is creeping into the economy.

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Shoppers are pulling back at Home Depot | CNN BusinessConsumers are taking on smaller home improvement projects as higher interest rates and inflation take their toll.
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