Home Depot Inc. on Tuesday left its annual forecasts unchanged even as quarterly results topped Wall Street expectations, raising concerns about demand heading into the holiday season amid a slowing housing market.
Shares in the largest U.S. home improvement chain slipped in early trade, with the number of transactions falling in the quarter as surging inflation deterred do-it-yourself customers.
Mortgage rates have more than doubled since the start of 2022, cooling the housing market that boomed in the pandemic.
Home Depot reiterated its full-year outlook, which Jefferies analysts said implied its fourth-quarter earnings would come in below Wall Street.
Although demand from contractors, builders, and other professional customers remained strong, DIY customers who had splurged on paint, tools, and gardening equipment last year cut back on spending in the third quarter of this year….