Home Depot’s quarterly sales declined 3% from the year-ago period, but topped Wall Street’s expectations as customers chipped away at more modest projects and home repairs.
The company indicated caution about the coming months and narrowed its full-year outlook. It said it now anticipates sales will fall by 3% to 4% from the prior year, compared with a previous expectation of a 2% to 5% decline. Home Depot expects earnings per share to slide by 9% to 11%, compared with prior guidance of a 7% to 13% drop.
Shares closed the day at $303.63, up 5.4%, after Home Depot said many trends had started to normalize after years of upheaval following the Covid pandemic. Prices have settled after a bumpy ride from inflation. Appliances are in stock again, which has helped support sales. And promotion levels have reverted to pre-pandemic levels, bolstering profits.CNBC