By Nathaniel Meyersohn, NCS
New York (NCS) — Consumers are chopping again on transforming initiatives and large residence 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 not less than 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 individuals to purchase and promote their properties.
“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.
The-NCS-Wire
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