Sales are declining.
Home Depot's sales for the first quarter of fiscal 2023 were below the company's expectations, Decker confirmed. According to the CEO, this dip was"primarily driven by lumber deflation and unfavorable weather," particularly for the retailer's western division due to extreme weather in California during the time period.
Consumer habits are changing once again as the pandemic phases out. When weighing where to spend their money, people are now more likely to choose things like travel, dining out, and other experiences than a kitchen renovation or new home appliances, according to CNBC.
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