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U.S. retailer Home Depot leaves outlook unchanged as housing market slows By Reuters

by Index Investing News
November 15, 2022
in Markets
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© Reuters. FILE PHOTO: The logo of Home Depot is seen in Encinitas, California April 4, 2016. REUTERS/Mike Blake

(Reuters) -Home Depot Inc on Tuesday left its annual forecasts unchanged even as quarterly results topped Wall Street expectations, raising concerns about demand heading into the holiday season amid a slowing housing market.

Shares in the largest U.S. home improvement chain slipped in early trade, with the number of transactions falling in the quarter as surging inflation deterred do-it-yourself customers.

Mortgage rates have more than doubled since the start of 2022, cooling the housing market that boomed in the pandemic.

Home Depot (NYSE:) reiterated its full-year outlook, which Jefferies analysts said implied its fourth-quarter earnings would come in below Wall Street.

Although demand from contractors, builders and other professional customers remained strong, DIY customers who had splurged on paint, tools and gardening equipment last year cut back on spending in the third quarter of this year.

“Home Depot is not immune to a tightening economy,” said Neil Saunders, managing director of GlobalData, adding that a weakening housing market was reducing demand for its products.

Home Depot, like other retailers, has had to raise prices across the board to shield its margins from commodity inflation and higher costs of freight and labor.

The price increases helped the company post an 8.8% jump in average ticket – or the average amount of sales per customer – helping offset a 4.3% fall in customer transactions in the quarter.

Comparable sales at Home Depot rose 4.3% in three months ended Oct. 30, beating estimates of a 3.1% increase, according to Refinitiv IBES data.

Net earnings increased to $4.34 billion, or $4.24 per share, while analysts on average expected a profit of $4.12 per share.

The company reaffirmed its fiscal 2022 comparable sales growth forecast of about 3%.



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  1. Pingback: U.S. retailer Home Depot leaves outlook unchanged as housing market slows By Reuters - Fut News
  2. Pingback: 由于房地产市场放缓,美国零售商 Home Depot 维持前景不变 路透社 - 光速日链网

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