Home Depot sales continue to slide as Americans wrestle with persistent inflation and the Atlanta-based company narrowed its outlook for the year. But the nation’s biggest home improvement retailer topped expectations for the quarter.
Home Depot now expects earnings per share to decline between 9% and 11% in 2023 and same-store sales to fall 3% to 4%. The company previously anticipated an earnings per share drop between 7% and 13% and a same-store sales decline of 2% to 5%.
It’s the first time that Home Depot has projected a decline in annual sales since 2009, when the U.S. economy was decimated by a massive housing bubble.
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