Good news for home improvement retail giant Home Depot: Sales were up nearly 6% from a year ago, topping Wall Street’s forecasts
. Earnings were better than expected, too. Now for the bad news: Home Depot reported fewer customer transactions again. The DIY leader said in its third quarter earnings report that the number of customer transactions fell more than 4% from a year ago. But those shoppers are spending more, partly due to inflation. Home Depot noted that the average customer ticket was nearly $90, up about 9% from a year ago. This is a continuation of a trend this year for Home Depot.
“Home Depot is not immune to a tightening economy,” Neil Saunders, managing director of GlobalData, said in a report. Saunders noted that the DIY customer “has cut back to save money” and that the housing market has “softened significantly.” It may only get worse, especially as the Federal Reserve seems intent on continuing to raise interest rates to fight inflation, even if that further dents the housing market.
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