Nov 15, 2024, 12:00 AM
Oct 30, 2024, 2:45 PM

Home Depot Reports $3.65 Billion Earnings Amid Consumer Spending Challenges

Provocative
Highlights
  • Home Depot's fiscal third quarter results show less severe pullback in consumer spending compared to prior periods.
  • Earnings for the quarter reached $3.65 billion, slightly above Wall Street expectations.
  • The company raised its full-year revenue outlook to a projected increase of 4%.
Story

In the fiscal third quarter ending October 27, Home Depot faced a continued pullback in consumer spending, although the decline was less severe compared to previous periods. The company earned $3.65 billion, or $3.67 per share, which exceeded Wall Street expectations of $3.64 per share. Despite a slight decline in sales at stores open for at least a year, Home Depot anticipates a 4% rise in its full-year revenue forecast, improving from its earlier estimate of 2.5% to 3.5%. Management attributed the positive performance to a combination of normalized weather and increased consumer engagement in outdoor projects, particularly driven by hurricane-related demand. Overall, these results reflect a cautiously optimistic outlook amidst ongoing macroeconomic uncertainties.

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