Home Depot is under pressure. The American DIY chain posted better-than-expected profit in the recent quarter, hoewever like-for-like sales fell more than expected. The company has therefore lowered its full-year outlook.
The company released its Second Quarter Fiscal 2024 Results on Tuesday last week. The report shows sales of $43.2 billion for the second quarter of fiscal 2024, an increase of 0.6% from the second quarter of fiscal 2023.
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'The underlying long-term fundamentals supporting home improvement demand are strong,' says Ted Decker, chair, president, and CEO. 'During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spending across home improvement projects. However, the team continued to navigate this unique environment while executing at a high level. I would like to thank our associates for their hard work and dedication to serving our customers and communities.'
At the end of the second quarter, the company operated a total of 2,340 retail stores and over 760 branches across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces, and Mexico. The company employs over 465,000 associates.
More information:
Home Depot
www.homedepot.com