Home Depot Slumps on Forecast of Lower Profit as DIY Wanes
- Retailer to invest $1 billion in wages amid tight labor market
- CEO Decker expects ‘moderation’ in home-improvement demand
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Home Depot Inc. shares fell after the home-improvement retailer forecast a fiscal-year profit decline alongside plans for a $1 billion wage investment for hourly workers.
Earnings per share will probably decline by a mid-single-digit percentage, Home Depot said Tuesday. Sales growth is expected to be flat in the year through January 2024.