New York
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Consumers are slicing again on reworking tasks and massive house upgrades. That’s hurting Home Depot’s business.
Home Depot, a bellwether for US customers and the housing market, mentioned its gross sales at US shops open for a minimum of one 12 months rose solely 0.2% final quarter. It additionally lower its revenue forecast for the 12 months.
Home Depot attributed the slowdown to cautious customers and a frozen housing market. Mortgage charges have been caught between 6% and seven%, main fewer folks to purchase and promote their houses.
“We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand,” Home Depot CEO Ted Decker mentioned in a assertion.