Home Depot misses revenue expectations, lowers forecast as consumers delay big projects
Justin Sullivan | Getty Imagesreported its biggest revenue miss in more than 20 years and lowered its forecast for this year, as consumers delay big projects and buy fewer big-ticket items like patio sets and grills.
"The state of the homeowner is that they're very healthy," he said. "They have healthy balance sheets. They have healthy incomes. But I do think — and our professional customers tell us they hear this from their customers — there is that shift, even if it's temporary from larger projects into smaller ones."
Spring is the holiday season of the home improvement industry. It marks a major quarter for sales to do-it-yourself customers and professionals who typically seize upon the warmer and milder weather by gardening and taking on other projects.more unpredictable outlook. Rising interest rates threaten to dampen the appetite of prospective home buyers and cool home values. Groceries and essentials now take a bigger bite out of households' budgets.
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