Home Depot topped profit and sales expectations in its most recent quarter, but sales continued to decline as inflation and soaring interest rates play a larger role in the spending choices made by Americans.
Second quarter revenue was $42.92 billion, edging out Wall Street expectations for $42.25 billion, according to a survey of industry analysts by Zacks Investment Research. Yet that’s down 2% from the $43.87 billion that nation’s largest home improvement retailer reported during the same stretch last year, and sales have fallen 3.1% through the first half of the year compared with 2022.
Despite the stronger-than-expected sales figures, Home Depot on Tuesday stuck to previous guidance for the year, seeing sales decline between 2% and 5%, after lowering its forecast in the last quarter.
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