LOW - Home Depot's Muted Outlook Could Indicate A Muted Macroeconomic Year Lies Ahead | Benzinga
By guiding for a year of moderation on the horizon, Home Depot (NYSE: HD) could be indicative of more than a wind down in housing projects. If Lowe’s Companies Inc (NYSE: LOW) reports a similar guidance on Tuesday morning, the two large construction retailers expecting a continued decrease in traffic and spending could serve as indicators that the macroeconomic climate will continue to weaken throughout 2024.
Home Depot Still Topped Estimates With Its Fiscal Fourth Quarter Results
For the quarter that ended on January 28th, Home Depot recorded its 11th straight quarterly decline as it reported sales decreased to $34.79 billion compared to 2022’s comparable quarter ($35.83 billion) but still topped LSEG’s estimate of $34.64 billion.
Net income also fell from 2022’s comparable quarter ($3.36 billion) to $2.80 billion or $2.82 per share.
Both the average ticket and customer transactions declined during the quarter.
A Slashed Estimate Due To Challenges Of The Housing Market
Home Depot has ...