Consumer
Home Depot Cuts Outlook With Consumers in ‘Deferral Mindset’
- Retailer says interest rates, uncertainty pressuring consumers
- Comparable sales have fallen for seven straight quarters
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Home Depot Inc. lowered its forecast of a key sales metric for the year on expectations that consumers will continue to hold back spending in the coming months.
The retailer said it now sees comparable sales falling 3% to 4% for the year versus the previous expectation for a 1% decline across online sales and stores open at least a year. That was below the average analyst estimate compiled by Bloomberg. The company also expects adjusted earnings per share to be 1% to 3% lower for the year.