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☆ Home Depot misses on revenue, as high interest rates hurt sales
▼ + stars: | 2024-05-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

It said it expects total sales to grow about 1% in fiscal 2024, including those extra days. Home Depot on Tuesday posted quarterly revenue below Wall Street's expectations, as shoppers postponed bigger discretionary projects like bath and kitchen remodels because of higher interest rates and made spring purchases late. The logo of U.S. home improvement chain Home Depot is seen in Mexico City, Mexico, on Jan. 15, 2020. In the fiscal first quarter, customers made fewer visits to Home Depot's stores and website and tended to spend less when they did. Home Depot has seen sales moderate after more than two years of explosive demand during the Covid pandemic.

Persons: Richard McPhail, McPhail Organizations: CNBC, LSEG, U.S, Depot, Home Locations: Mexico City, Mexico, Texas

☆ Jim Cramer says be patient and stick with Home Depot
▼ + stars: | 2024-02-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer told investors to hold on to stock of home improvement retailer Home Depot , even though its most recent quarter lacked luster. "Sure, the quarter wasn't great, but the conference call commentary I found encouraging, which is why I'm willing to be patient and hold on to Home Depot," he said. Cramer called management's outlook "appropriately conservative," saying the company is optimistic, but not yet ready to declare a decisive turnaround. Now that inventory is under control, the company is poised for better future, Cramer said. "Besides, I'm betting that management deliberately gave a conservative forecast—they like to under promise and over deliver at Home Depot."

Persons: CNBC's Jim Cramer, Richard McPhail, Cramer, Ted Decker's, Decker, Depot's Organizations: Home, CNBC, Home Depot, Reserve

☆ Home Depot beats earnings, sales estimates even as consumers take on smaller home improvement projects
▼ + stars: | 2024-02-20 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Home Depot on Tuesday said quarterly sales declined nearly 3% year over year, but it surpassed Wall Street's earnings and revenue expectations despite the cooler demand. On a call with CNBC, Chief Financial Officer Richard McPhail said demand dipped throughout the year as consumers returned to more typical spending patterns. The home improvement retailer said it expects total sales to grow about 1% in fiscal 2024, which includes an additional week. That compares with a 1.6% increase expected by Wall Street, according to StreetAccount. Home Depot shares fell slightly during early trading Tuesday after the company shared its quarterly results and outlook.

Persons: Richard McPhail, McPhail Organizations: CNBC, Wall, Depot, LSEG, Home Depot

☆ Lowe's cuts sales outlook as homeowners take on fewer projects; shares slide
▼ + stars: | 2023-11-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Lowe's on Tuesday lowered its full-year sales outlook, after customers spent less on do-it-yourself projects and caused its fiscal third-quarter sales to tumble nearly 13% year over year. The home improvement retailer said it now anticipates sales will total about $86 billion for the fiscal year. It projects comparable sales will drop by about 5% this fiscal year, worse than a previously anticipated a decline of between 2% and 4%. In the third quarter, Lowe's net income was $1.77 billion, or $3.06 per share, compared with $154 million, or 25 cents per share in the year-ago period. Lowe's competitor, Home Depot, beat Wall Street's fiscal third-quarter earnings and revenue expectations last week, even as its sales fell 3% year over year.

Persons: Lowe's, Marvin Ellison, Ellison, Richard McPhail Organizations: Lowe's, Inc, Home Depot, Home Locations: LSEG, U.S

☆ Worried About Inflation? Move to Alaska, Sell the Car and Become a Vegetarian
▼ + stars: | 2023-11-17 | by ( Tim Smart | ) www.usnews.com time to read: +7 min

The consumer price index for October showed inflation at a 3.2% level, while the producer price index came in with an annual rate of 1.3%. Perhaps the most interesting and relevant facts about inflation are that the overall number means little to the average person. “Although the overall consumer price level was flat in October, shelter inflation continued,” said Danielle Hale, chief economist for Realtor.com. Overall inflation among select urban areas was highest in the Miami to West Palm Beach corridor, up by 7.4% in October. Their inflation rate was 1.1%.

Persons: Jerome Powell, Richard McPhail, Doug McMillon, McMillon, ”, Kayla Bruun, Joe Biden, PublicSquare, Tony Welch, Danielle Hale, Shawn Ashworth, Ashworth, Maxx, Jeff Bezos Organizations: Federal, Walmart, New York Jets, Realtor.com, Berkeley Research, Goods, Auto Locations: U.S, ”, Florida, Miami, West Palm, Anchorage , Alaska

☆ Deflation could be coming this holiday season, Walmart CEO says
▼ + stars: | 2023-11-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Barbie dolls (R) are displayed for sale ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. Shoppers may get an early present this holiday season: falling prices in many gift-giving categories. On Thursday, Walmart CEO Doug McMillon said deflation could be coming as general merchandise and key grocery items, such as eggs, chicken and seafood get cheaper. Across most categories, Americans are still spending more on the same items, according to the latest CPI numbers. Walmart's McMillon said some stubborn food prices continue to be a concern.

Persons: Barbie, Doug McMillon, it's, Richard McPhail, John David Rainey, Rainey, Walmart's McMillon Organizations: Walmart, Shoppers, Labor Department, CPI, Home, American Farm Bureau Federation, Wall, CNBC Locations: Burbank , California, U.S

☆ Home Depot earnings beat, but retailer offers a tepid outlook as sales slide
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot 's quarterly sales declined 3% from the year-ago period, but topped Wall Street's expectations as customers chipped away at more modest projects and home repairs. Home Depot expects earnings per share to slide by 9% to 11%, compared with prior guidance of a 7% to 13% drop. Revenue fell from $38.87 billion in the year-ago period. Customer transactions fell to 399.8 million from 409.8 million in the year-ago period. Over the past year, the company missed quarterly sales expectations twice, which has caused its stock performance to slide.

Persons: Richard McPhail, McPhail, They're, —, Robert Hum Organizations: CNBC, LSEG, Revenue, Home Depot

☆ Home Depot says the worst of inflation is over — that could be good news for retailers and shoppers
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Even as Home Depot forecast sales declines, the retailer had good news for investors and consumers on Tuesday. Home Depot kicked off a much-anticipated week of retail earnings that includes other household names, such as Walmart , Target and Macy's . In the short term, cooling inflation reduces sales numbers for retailers, including Home Depot. At Home Depot, McPhail has described 2023 as "a year of moderation" after the boom in home improvement during the Covid pandemic. Yet some factors that drive inflation are beyond retailers' control and influence consumers' decisions, too.

Persons: Richard McPhail, Michael Baker, Davidson, McPhail, Billy Bastek, Ted Decker, it's, doesn't Organizations: Dow Jones, Depot, Walmart, Target, Home, Federal Reserve, D.A, CNBC PRO

☆ Lowe's sticks by full-year earnings forecast despite weakening sales, as spring projects offer a boost
▼ + stars: | 2023-08-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Lowe's reported mixed fiscal second-quarter results on Tuesday, as consumers tackled springtime projects and helped offset weakening home improvement demand. It anticipates total sales will range between $87 billion and $89 billion for the period. It projects comparable sales will drop by 2% to 4% this fiscal year. Lowe's is more reliant on do-it-yourself shoppers for its sales than Home Depot is, but has tried to change that. Only about a quarter of Lowe's sales come from home professionals, while Home Depot typically gets about half of its sales from them.

Persons: Lowe's, Richard McPhail Organizations: Lowe's, Home, U.S . Mortgage Locations: Bloomsburg

☆ Home Depot beats earnings estimates, but sales slide as consumers pull back on big-ticket buys
▼ + stars: | 2023-08-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

A sign is seen posted on the exterior of a Home Depot store on February 21, 2023 in El Cerrito, California. Home Depot topped earnings expectations on Tuesday, but posted a 2% year-over-year sales decline as customers remained wary of big purchases and major projects. Home Depot faces a more challenging sales backdrop, as demand for do-it-yourself projects and contractors normalizes after nearly three years of unusually high demand. "Generally speaking, the homeowner customer — who is really our customer — remains healthy and remains engaged in home improvement," he said. Home Depot said in its earnings release that the company's board of directors approved $15 billion in share buybacks, which will take effect Tuesday.

Persons: Richard McPhail, McPhail, " McPhail, That's Organizations: Wall, Transportation, Refinitiv, Revenue, Depot Locations: El Cerrito , California, Atlanta, U.S

☆ Home Depot results beat on the top and bottom lines. Here's what the pros say to do next
▼ + stars: | 2023-08-15 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions on Home Depot from investors and analysts. The pros, including Jim Cramer , discussed the home improvement company after it released fiscal second-quarter results before Tuesday's opening bell. Home Depot reported revenue and earnings that both beat analysts' expectations. It was the first time the retailer beat Wall Street revenue estimates in three quarters. Chief Financial Officer Richard McPhail said there is " continued caution " for customers to spend on larger-ticket items and major home projects.

Persons: Jim Cramer, Richard McPhail Organizations: Depot, Wall

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

☆ 'It's not people shoplifting': Why retail is focused on organized crime
▼ + stars: | 2023-05-18 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +4 min

watch nowIt's been hard to get an exact read on the rise in retail theft. But this quarter's batch of retail earnings have brought the theft issue to the forefront again. Target said organized retail crime will reach $500 million more in stolen and lost merchandise this year compared with a year ago. The National Retail Federation says organized retail crime is the main reason for retail "shrink" — a mismatch between actual inventory and what is on the books — which reached $94.5 billion in 2021, an increase of almost $4 billion year over year. But shoplifting is a big part of organized crime.

☆ Target expects organized retail crime-fueled losses to jump by $500 million this year
▼ + stars: | 2023-05-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Target said Wednesday that organized retail crime will fuel $500 million more in stolen and lost merchandise this year compared with a year ago. He described retail theft as "a worsening trend that emerged last year," and said violent incidents have increased at Target's stores. "The country has a retail theft problem," Home Depot CFO Richard McPhail said on a call with CNBC on Tuesday. Yet it's hard to verify if organized retail theft has grown and if so, by how much. Target has become more vocal about organized retail theft, as it has struggled with excess inventory and its margins have disappointed.

☆ Home Depot cuts forecasts, signals weakness ahead for big US retailers
▼ + stars: | 2023-05-16 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Home improvement retailers have now lost their pandemic-era sparkle as consumers shift away from home renovations and focus on travel, vacations and other services, driving quarterly transactions 4.8% lower at Home Depot. Home Depot kicks off a big week for U.S. retailers' earnings, with Target Corp (TGT.N) and Walmart Inc (WMT.N) scheduled to report on Wednesday and Thursday, respectively. Home Depot now expects fiscal 2023 comparable sales to fall between 2% and 5%, compared to its prior outlook for nearly flat sales. The company forecast earnings per share to decline between 7% and 13%, compared to a mid-single digits decline estimated previously. The company posted a profit of $3.82 per share, above estimates of $3.80.

☆ Home Depot says its $1 billion boost to wages has already improved customer satisfaction and worker safety – a bright spot in an otherwise gloomy Q1
▼ + stars: | 2023-05-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Home Depot says the $1 billion boost to worker pay that it announced earlier this year is already yielding results. The move has led to better staffing, which has improved customer satisfaction and worker safety, the company told investors. In spite of a gloomy financial forecast, the company says the investment in employees is locked in. Campbell said the wage boost has enabled Home Depot to hire top-tier workers across the US — and keep them for longer, even as labor turnover remains high in the retail industry. If you are a Home Depot worker who wants to share your perspective, please contact Dominick via email or Signal 646.768.4750.

☆ Consumer spending trailing consumer sentiment lower. Look at Home Depot
▼ + stars: | 2023-05-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Recent consumer sentiment reports have been poor, so it's reasonable to assume the consumer spending backdrop has softened. The company is cutting guidance due to the weaker lumber prices, weather and is also citing "further softening of demand relative to our expectations, and continued uncertainty regarding consumer demand." If we are on the side of the American consumer (I am), then lower lumber prices are good, right? Running shoes are hot. Second case in point: On Holding (ONON), which makes the trendy ON running shoes, is up 94% YTD.

☆ Home Depot posts worst revenue miss in about 20 years, lowers forecast as consumers delay big projects
▼ + stars: | 2023-05-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot reported its biggest revenue miss in more than 20 years and lowered its forecast for this year, as consumers delay big projects and buy fewer big-ticket items like patio sets and grills. The company said it now expects sales and comparable sales to decline between 2% and 5% for the fiscal year. Yet he said the anticipated pullback has been compounded by rising mortgage rates and a shift toward spending on services. It marked the second quarter in a row that Home Depot missed Wall Street's revenue expectations. Home Depot in the quarter sold fewer pricier discretionary items, such as new appliances, McPhail said.

☆ Why Home Depot's weak outlook could be a warning sign for Target earnings
▼ + stars: | 2023-05-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Robyn Beck | AFP | Getty ImagesHome Depot and Target may sell very different kinds of merchandise. But the home improvement retailer's slashed forecast could be seen as a warning sign for the cheap chic retailer. On the other hand, Target, Walmart and other retailers that report in the coming weeks draw from a more representative pool of Americans. Discretionary spending fell year over year in the U.S., according to data from Circana, a market researcher formerly known as The NPD Group and IRI. Plus, Home Depot has some sector-specific advantages — even as mortgage rates rise — that could insulate it from some of the effects of lower discretionary spending.

☆ Shoppers are pulling back at Home Depot
▼ + stars: | 2023-05-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —Consumers are taking on smaller home improvement projects as higher interest rates and inflation take their toll. Home Depot (HD) said Tuesday that sales fell 4.5% at stores open at least a year during its latest quarter, and its income decreased 6.4% from the same stretch a year ago. It expects sales to decline between 2% and 5% in 2023 from a year prior. Home Depot said 2023 would be a “year of moderation” for the home improvement market, and sales for the quarter were below its expectations. “The state of the homeowner is that they’re very healthy,” Home Depot chief financial officer Richard McPhail said in an interview with CNBC.

☆ Home Depot cuts annual sales forecast on slowing demand
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Shares of the largest U.S. home improvement chain tumbled about 4% in premarket trading after the company also missed first-quarter sales estimates, hit by adverse weather and falling lumber prices. The company now expects comparable sales to decline between 2% and 5% in fiscal 2023, compared to its prior outlook for sales to remain nearly flat. Analysts were expecting comparable sales to decline 0.9% this year, according to Refinitiv IBES data. The company forecast earnings per share to decline between 7% and 13%, compared to prior expectations for a mid-single digits decline. Home Depot's first-quarter comparable sales decreased 4.5%, missing estimates of a 1.74% drop.

☆ What Home Depot's billion-dollar pay raise may help prove about workers
▼ + stars: | 2023-04-30 | by ( Bob Woods | ) www.cnbc.com time to read: +7 min

"We are confident we can make the investments needed to remain competitive in a tight labor market while also growing our profitability." "The [home improvement] environment seems to be weakening, not accelerating, and therefore incremental wage investments at this time would open the door to more questions and surprise. "They're behaving as they should given the tight labor market, showing leadership and not just thinking about a 12-month timeframe. And in a tight labor market, it's getting increasingly difficult to keep talent [if] you pay unlivable wages and [offer] few opportunities for growth and success." It's hard to say when, and if, Home Depot will see a demonstrable return on the monumental expenditure for its frontline workers.

☆ Brace for a home improvement slump as consumers battle inflation, debt, and pressure on house prices, Home Depot warns
▼ + stars: | 2023-02-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Home Depot warned the boom may be over as higher prices and borrowing costs squeeze consumers. Here's a closer look at the US home improvement boom, and why Home Depot warned this week it might be over. Why might the home improvement boom be over? The upshot is that consumers are spending less on goods, battling rising prices and borrowing costs, and feeling less wealthy. Against that challenging backdrop, Home Depot warned on Tuesday that it anticipates flat sales and a 5% drop in diluted earnings per share.

☆ Walmart and Home Depot are getting ready for a consumer slowdown
▼ + stars: | 2023-02-21 | by ( Melissa Repko | ) www.cnbc.com time to read: +1 min

If you want to know how this year may be for the retail industry, look no further than Walmart 's cautious outlook. At Walmart, that means shoppers are buying more necessities like groceries and lightbulbs rather than big-ticket items or discretionary items like electronics and home decor. At Home Depot, it could mean customers may delay a home project or opt for cheaper floor tiles or kitchen appliances. Home Depot Chief Financial Officer Richard McPhail said the higher prices of groceries and more are influencing customers' decisions. "We've seen an increasing degree of price sensitivity as the year's gone on, which is actually sort of what we predicted in the face of persistent inflation," McPhail told CNBC.

☆ Home Depot misses on revenue, issues muted outlook
▼ + stars: | 2023-02-21 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Home Depot's revenue fell short of Wall Street's estimates in its fiscal fourth-quarter earnings report Tuesday. The company also provided a muted outlook for the next year amid a tough consumer backdrop. In the quarter ended Jan. 29, Home Depot reported $35.83 billion in sales, up 0.3% from the year ago period, which saw $35.72 billion in revenue. Home Depot said it expects sales and comparable sales to be approximately flat for the new fiscal year. The retailer issued the muted outlook because it expects some pressure in the goods sector and flat consumer spending, McPhail said.

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