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"The underlying demand in our business was relatively similar to
what we saw throughout fiscal 2025, despite greater consumer
uncertainty and housing affordability pressure,” CEO Ted Decker
said Tuesday.
The housing market has been static as Americans consumers
wrestle with rising costs and other economic concerns.
Sales of previously occupied U.S. homes were essentially flat in
April, another lackluster showing for the housing market during
what’s traditionally its busiest time of the year. Existing home
sales edged up 0.2% last month from March to a seasonally
adjusted annual rate of 4.02 million units, the National
Association of Realtors said a week ago. Sales were unchanged
compared to April last year.
The U.S. housing market has been in a slump dating back to 2022,
the year mortgage rates began climbing from historic lows that
fueled a homebuying frenzy at the start of this decade. American
consumers are cautious as gas prices fuel an inflation surge of
3.8% in the U.S. Labor Department figures last week showed that
gasoline prices are up more than 28% compared with a year ago.
For the three months ended May 3, Home Depot earned $3.29
billion, or $3.30 per share. A year earlier the Atlanta company
earned $3.43 billion, or $3.45 per share.
Removing certain items, earnings were $3.43 per share. That's
better than the $3.41 per share that analysts surveyed by
FactSet were calling for.
Revenue climbed to $41.77 billion from $39.86 billion, which
topped Wall Street's expectations for revenue of $41.59 billion.
Sales at stores open at least a year, a key gauge of a
retailer’s health, rose 0.6%. In the U.S., comparable store
sales climbed 0.4%.
Customer transactions declined 1.3% in the quarter, but the
amount that shoppers spent increased to $92.76 per average
receipt from $90.71 a year ago.
Home Depot still anticipates fiscal 2026 total sales growth of
about 2.5% to 4.5% and comparable sales growth to be about flat
to up 2%.
Shares rose more than 1% before the opening bell Tuesday.
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