New York
CNN
—
Home Depot couldn’t keep its protracted robust sales streak going any longer. The home improvement chain reported a small quarter as consumer spending on home improvement projects – which was buoyed by the stay-at-home pandemic lifestyle – coming to a screeching halt.
The retailer posted disappointing sales for its first quarter and lowered its outlook for the year after customers slowed their spending. Home Depot (HD) said sales fell 4.5% at least a year at stores open during its latest quarter, and its income decreased 6.4% from the same stretch a year ago.
Total revenue for the quarter slipped 4.2% versus a year ago, to $37.3 billion. The retailer also cited falling lumber prices and weather-related challenges, including heavy rains in California during the period, to clink its sales.
“After a three-year period of unprecedented growth for our sector, during which we grew sales by over