Home Depot Inc. posted better-than-expected third-quarter earnings early Tuesday, but said its customers were avoiding certain big-ticket items. “Our quarterly performance was in line with our expectations,” said Ted Decker, chair, president and CEO, in a statement. “Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories.”
Consumers have been struggling this year with higher interest rates and inflationary pressures, that have some conserving cash for essentials. The housing market has been under pressure as rates have risen, leaving some unable to afford to take out mortgages. See now:Mortgage rates plunge amid signs of a weakening consumer The Atlanta-based home-improvement retailer
HD,
-1.21%
had net income of $3.8 billion, or $3.81 a share, for the quarter, down from $4.3 billion, or $4.24 a share, in the year-earlier period. Sales fell 3% to $37.7 billion. The FactSet consensus was for EPS of $3.75 and sales of $37.6 billion. Same-store sales fell 3.1%, while FactSet was expecting a decline of 3.6% The company narrowed its prior guidance for the full year and said it now expects EPS to fell 9% to 11% and for sales and same-store sales to be down 3% to 4%. The FactSet consensus implies an EPS decline of 9.4%, and a sales decline of 3%. The stock rose 1% premarket, and is down 9% in the year to date, while the S&P 500
SPX,
-0.08%
has gained 15%. D.A. Davidson analyst Michael Baker noted one b …
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