Home Depot Breaks Same-Store Sales Slump with Customer Demand Improving
Home Depot broke a two-year slump in same-store sales during the fourth quarter as customer demand improved in a housing market that has been buffeted by soaring mortgage rates and a scarcity of homes up for sale. Revenue for the Atlanta company climbed to $39.7 billion from $34.79 billion, with sales at stores open at least a year edging up 0.8%. The company reported customer transactions rose 7.6% and shoppers spent slightly more per average ticket.
- This unexpected rebound may indicate that consumers are finding ways to circumvent the challenges of the housing market by focusing on home improvement projects, such as DIY renovations or minor upgrades.
- How will this renewed interest in home improvement spending impact the overall economy, particularly in terms of demand for materials and services like those offered by Home Depot?