Home Depot Reports Revenue Decline Amid High Interest Rates and Inflation

The home improvement giant's first-quarter earnings show a dip in sales as consumers delay larger projects and focus on smaller repairs.

Home Depot's revenue for the first quarter fell 2.3% to $36.4 billion, missing Wall Street expectations.
Net earnings dropped 7.7% year-over-year to $3.6 billion, though earnings per share slightly beat estimates.
Higher interest rates and inflation have led to reduced spending on big-ticket home improvement projects.
The company reaffirmed its full-year guidance, projecting a modest 1% increase in total sales.
Home Depot plans to open about 12 new stores and complete an $18 billion acquisition of SRS Distribution by the end of fiscal 2024.