Home Depot earnings show signs of a consumer pullback

It was another quarter of subdued results, as consumers seek out fewer DIY projects compared to during the pandemic .CEO Ted Decker said the quarter was "impacted by a delayed start to spring and continued softness in certain larger discretionary projects."

"Home Depot faces tough comparisons from the past four years fueled by higher home values and home-related spending during the pandemic," Telsey Advisory Group managing director Joe Feldman wrote in a note to clients. The Home Depot logo is seen in Florida Keys, United States on May 7, 2024. Professionals like contractors and roofers are likely providing some boost to the business. The pro consumer makes up roughly 50% of Home Depot's customer base, compared to 25% for Lowe's -- Chevron Corp.’s $53 billion deal to acquire Hess Corp. suffered a potential blow Monday as an influential adviser said investors should abstain from voting for the deal.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Home Depot Posts a Sixth Sales Drop Amid Housing Market WoesHome Depot Inc.’s string of negative sales extended into a sixth straight quarter as the big-box retailer struggles to overcome a weak housing market and lower demand for big-ticket items.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Home Depot Q1 earnings preview: Pro customers expected to offset fewer DIY shoppersUS shoppers under pressure is expected to spend less at Home Depot, but it may make up some of the loss with professional consumers.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Biden tariffs, PPI, Home Depot earnings: What to watchAccording to a Bloomberg report, the Biden administration could make an announcement on tariffs on Chinese EVs as early as Tuesday morning. The tariffs could...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »