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Home Depot reiterated its fiscal-year guidance.
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Home Depot
continues to see a tough year ahead for the home improvement market, the company said at its latest investor conference, but there’s still a glimmer of hope ahead.
Home Depot
(ticker: HD) repeated its fiscal-year sales and same-store sales numbers on Tuesday—both declining from 2% to 5% from the year before. It expects earnings per share to fall from 7% to 13%. Operating margin will range between 14.3% and 14.0%.
Last month, the world’s largest home-improvement retailer cut its guidance when it reported first-quarter earnings. The retailer pointed to softening consumer spending—a sentiment management reiterated on Tuesday, calling 2023 a year of “moderating demand.”
“We don’t quite know what the Fed’s posture will be, we don’t quite know what the follow-up form the consumer will be,” said Chief Financial Officer Richard McPhail.
And while McPhail didn’t forecast how