Posted 2/20/2024, 8:09:10 PM
Home Depot Braces for Ongoing Housing Slump, Sees Sales Staying Flat in 2024
- Home Depot CEO sees no "hockey stick recovery" for housing market in 2024, expects neutral outlook
- Sales declined 3% in Q4 2022 and expected to grow just 1% in fiscal 2024
- Soft housing market has weighed on home improvement spending amid rising rates, low affordability
- CEO expects moderation in home spending to continue through 1H 2023 given Fed's "higher for longer" stance
- Lower interest rates eventually needed to "unlock paralysis" in housing market and better drive Home Depot sales