Home Depot Sees Gloomy 2024 Outlook as Shoppers Pull Back on Home Projects
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Home Depot forecasts weak full-year 2024 results with comparable sales expected to decline about 1% and earnings per share growth of just 1%
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Demand failing to pick up as customers limit spending on home remodeling amid high inflation and interest rates
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Foot traffic fell in Q4 2022, with declines worsening toward the end of the period
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Transactions dropped 1.7% in Q4 2022, marking the 11th straight quarterly decline
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Q4 2022 comparable sales fell more than expected at 3.5%, but earnings beat estimates due to cost control and supply chain improvement