In the fiscal second quarter, Home Depot's revenue rose to $45.28 billion from $43.18 billion, but fell short of analyst forecasts. Comparable store sales increased by 1.4% in the U.S., though customer transactions dropped slightly. The average spending per transaction rose to $90.01. CEO Ted Decker indicated ongoing momentum in smaller home improvement projects amid economic uncertainty. The U.S. housing market continues to struggle, reflected in declining sales of previously occupied homes due to high mortgage rates and rising prices.
Home Depot's sales improved during its fiscal second quarter with revenue climbing to $45.28 billion, but fell short of Wall Street's expectation of $45.41 billion.
Comparable store sales in the U.S. rose 1.4%, while customer transactions declined slightly. The average amount spent per transaction increased to $90.01.
Chair and CEO Ted Decker noted that the momentum in home improvement projects continued amid customer engagement in smaller projects despite economic uncertainties.
The U.S. housing market has been facing challenges, with elevated mortgage rates discouraging home shoppers and causing a slump in previously occupied home sales.
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