Home Depot fell short of revenue expectations set by Wall Street in its latest quarterly report. The decline was attributed to consumers delaying larger home improvement projects due to increased interest rates and delayed spring purchases.
Despite this setback, the company maintained its full-year forecast, taking into account an extra week compared to the previous year. Home Depot projects a 1% increase in total sales for fiscal 2024, including the additional days. However, comparable sales are expected to drop by approximately 1% when excluding the extra week.
In an interview with CNBC, Chief Financial Officer Richard McPhail noted that customers have been cautious since the second half of the previous year, reacting to rising mortgage rates. He expressed confidence in the company’s ability to navigate
“Our home improvement customers are financially
2024-05-14 15:51:04
Originally posted on www.cnbc.com
