Home Depot reported second-quarter earnings and sales that beat Wall Street expectations. Still, it said it expects comparable sales to decline for the full fiscal year due to economic uncertainty dampening consumer demand. The CFO cited consumers having a "deferral mindset" since mid-2023 due to high rates, as well as a new "sense of greater uncertainty in the economy," dampening project spending. Second-quarter sales fell as the company saw slower demand for lighting, flooring, and other project items. Home Depot shares fell over 4% on the guidance cut, but the company emphasized homeowners' long-term need for renovations and its financially stable customer base.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02Home Depot reported second quarter earnings and sales that beat Wall Street expectations,
00:06but said it expects comparable sales to decline for the full fiscal year due to economic uncertainty
00:11dampening consumer demand. The CFO cited consumers having a deferral mindset since mid-2023
00:17due to high rates as well as a new sense of greater uncertainty in the economy dampening
00:22project spending. Second quarter sales fell as the company saw slower demand for lighting,
00:27flooring, and other project items. Home Depot shares fell over 4% on the guidance cut,
00:32but the company emphasized homeowners' long-term need for renovations and its
00:36financially stable customer base. For all things money, visit Benzinga.com.