Home Depot beat quarterly profit estimates and posted a lower-than-expected drop in comparable sales on Tuesday, as the top US home-improvement retailer tapped into a switch by customers to small-scale projects and essential repair work.
US consumers have put big renovations and discretionary home-improvement projects on the back burner as they battle still-high food prices, lingering caution around the economy, and higher interest rates.
“Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” CEO Ted Decker said in a statement.
Customer transactions fell 2.4 per cent in the