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May 20, 2024

Home Depot sales soften as shoppers pull back on home remodeling projects

By MICHELLE CHAPMAN
AP Business Writer

Home Depot's sales continued to soften in the first quarter as the nation's largest home improvement retailer was not only constrained by high mortgage rates and higher inflation for its customers, but it also had to deal with a delayed start to spring.

Sales slipped 2.3% to $36.42 billion for the period ended April 28, just shy of the $36.65 billion that analysts polled by Zacks Investment Research expected. It was the third consecutive quarter of declining sales for the retailers, which saw sales skyrocket during the pandemic.


 
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