Retailer Home Depot predicts first annual decline in sales since 2009
[ad_1]
On Tuesday, May 16, the American major retailer Home Depot, which specializes in the sale of goods for the home, household and repair, introduced reporting for the first quarter and forecasts for 2023 as a whole. The company’s first-quarter revenue fell 4.2% to $37.3 billion. Net income fell more than 8.5% to $3.9 billion. -5% lower than a year earlier. If the forecast is confirmed, it will be the company’s first annual decline in sales since 2009. Shares of Home Depot after the publication of financial statements fell by 2%.
Experts say Home Depot’s poor results are due to inflation and general macroeconomic volatility, which is causing consumers to delay many large purchases. “The American consumer is feeling somewhat more insecure than a few months ago. I think that this will be the general theme of what we will hear from other retailers as well,” said Scott Ciccarelli, an analyst at Truist Securities. In addition, while during the pandemic and lockdowns, sales of household goods and repairs were actively growing, now among Americans, the demand for travel, eating out, etc. is growing again.
[ad_2]
Source link
