Home Price Appreciation Couldnt Lift Home Depots Results in 1Q -- Market Talk
Dow Jones
Home Depot's sales have gone through the roof over the past three years of the pandemic as more time spent at home translated to higher home improvement demand, but among the several drivers of that outsized growth was home price appreciation, which turned negative in 1Q for the first time in a dozen years, DA Davidson analysts say in a research note.
In turn, Home Depot's 1Q revenue fell more steeply than analysts had been expecting, and the home-improvement retailer is now guiding for its annual sales to decline for the first time since 2009. Shares slip 1.4% to $284.50.
