Home Depot's second-quarter sales rose slightly as the nation's biggest home improvement retailer benefitted from an $18 billion acquisition this spring, but...
Home Depot 's second-quarter sales rose slightly as the nation's biggest home improvement retailer benefitted from an $18 billion acquisition this spring, but customers continued to rein in spending because of broadly higher costs and elevated interest rates.
In addition, sales at store open at least a year, a key metric of a retailer’s health, declined 3.3% in the quarter. In the U.S., the figure fell 3.6%. Elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers for a while, extending the nation’s housing slump into its third year.For the three months ended July 28, Home Depot Inc. earned $4.56 billion, or $4.60 per share. A year ago it earned $4.66 billion, or $4.65 per share.
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