Home Depot just became the latest major retailer to warn that the slowdown in consumer spending is spreading.
The home improvement cut its full-year outlook on Tuesday, reporting weakening sales growth for Q3.
Comparable sales — a key measure that strips out new store openings — rose by just 0.2% with US comps up by 0.1% — falling short of Wall Street’s expectations and underscoring a subtle yet important shift: more financially stable shoppers are starting to pull back.
“An expected increase in demand in the third quarter did not materialize. We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand,” said Ted Decker, chair, president, and CEO of Home Depot.
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