Home Depot's sales continue to soften in 2024 as inflation, delayed start to spring weigh on sales

Home Depot's sales went down in the first quarter because of high mortgage rates, higher inflation, and a delayed start to spring. Sales dropped by 2.3% to $36.42 billion, which was less than what analysts expected. This was the third quarter in a row with declining sales for the retailer. The sales at stores open for at least a year also decreased globally by 2.8% and by 3.2% in the U.S. The rise in mortgage rates can make it more expensive for people to buy homes, which means they might spend less on big home improvement projects. Home Depot is facing competition from other stores for smaller home decor projects. However, their business with professional builders and contractors is doing better. In the first quarter, Home Depot's earnings were $3.6 billion, down from the same period last year. The company is seeing customers delay big home projects because of high interest rates. Despite this, Home Depot is still expecting its sales to grow by about 1% for the year. The company's revenue in the first quarter was $36.42 billion, lower than what was expected. Customers are visiting Home Depot less often and spending less when they do. The company is also seeing fewer big do-it-yourself projects being taken on by customers. Home Depot is facing challenges due to a decrease in demand for big-ticket items and major home projects. The company is also dealing with competition and changing customer preferences. Despite these challenges, Home Depot is working on strategies to cater to the needs of its customers and maintain its business growth.