Home Depot says if consumer demand keeps shifting to services from goods, the home-improvement market could fall in the low-single-digit percentage range.
Home Depot Inc. said Tuesday the home-improvement market could weaken this year, if consumer spending keeps shifting toward services from goods, and if inflation continues to affect demand.
The home-improvement giant HD expects fiscal 2023 net sales and same-store sales to be about flat with last year, however, because it will take market share from its competitors. Chief Financial Officer Richard McPhail said on the post-earnings conference call with analysts that for about the first five quarters postpandemic, the company saw significant growth in the value of the average ticket and number of transactions, because homeowners took on more do-it-yourself projects as they spent more time at home.
Meanwhile, earnings per share for the year are forecast to decline in the “mid-single-digit” percentage range, as a higher expected tax rate and an investment in employee compensation weighs on operating margins. The company also reported before the open fiscal fourth-quarter EPS that topped expectations, net sales that came up a bit shy and same-store sales that surprisingly declined.
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