Falling lumber prices and lower spending by DIY customers drags on Home Depot sales and stock price
missing quarterly sales expectations, leading to the home improvement retailer's shares dropping to a nearly seven-month low Tuesday
"Our sales for the quarter were below our expectations primarily driven by lumber deflation and unfavorable weather, particularly in our Western division as extreme weather in California disproportionately impacted our results," Home Depot CEO Ted DeckerFraming lumber during the quarter sold at an average of $420 per thousand board feet, sliding 64% from $1,170 in the same quarter in 2022, the company said during a conference call.
Rocketing interest rates and sluggish housing market activity have weighed on lumber prices since last year when the Federal Reserve began its most aggressive rate increases in decades to tame inflation. Lumber prices have also dramatically come off highs hit during the COVID-19 pandemic. The building commodity jumped past $1,700 per thousand board feet in May 2021, partially as people used their time on home improvements.
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