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Spring is a renewal season, and this is something that owners often benefit. Most years, buyers flock to popular domiciliary renovation retailers Like Home Depot during this period, looking for supplies and inspiration for renovation at home or outdoor projects. This year, however, Home Depot has not collected the advantages, as new data show that the retailer is experiencing a drop in sales. Read more to find out why buyers turn away from Home Depot.

Read this then: 6 Secrets Home Depot does not want you to know .

In a May 16 Press release , Home Depot revealed that he had seen sales of $ 37.3 billion for the first quarter of the 2023 financial year. This may seem a lot, but compared to the financial results of Home Depot at the same time last year , this represents a 4.2% drop in chain sales.

Comparable sales for the first quarter of the 2023 fiscal year also dropped by 4.5%, while comparable sales specifically in the United States decreased by 4.6%.

Better life Contacted Home Depot about his recent financial report, and we will update this story with their response.

This drop is a net contrast compared to last year, which was a " record year "For Home Depot. For the whole financial year, the retailer said $ 157.4 billion in sales, an increase of $ 6.2 billion or 4.1% compared to financial year 2021.

And in his second quarter of last year, Home Depot reported the "highest quarterly sales and benefits The history of our business , "President and CEO Ted Decker said in a statement in August 2022.

Despite these record figures, Home Depot warned the potential for sales growth to be flat in 2023.

"After a period of three years of unprecedented growth for our sector, during which we have increased sales of more than $ 47 billion, we expected the year 2023 to be a year of moderation for the market Renovation, "said Decker in a statement for May 16 press release.

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Home Depot sales for the first quarter of the 2023 fiscal year were lower than the expectations of the company, confirmed Decker. According to the CEO, this drop was "mainly motivated by the deflation of wood and unfavorable weather conditions", in particular for the western division of the retailer due to the extreme weather in California during the period.

But it's not just bad weather. It seems that Home Depot buyers turn away from large -scale repairs and renovations, which the retailer had last year for its record sales growth.

"The owner's condition is that they are very healthy," Richard McPhail , Home Depot's financial director, told CNBC in a new interview . "They have healthy balance sheets. They have healthy income. But I think - and our professional customers tell us that they hear this of their customers - there is this change, even if it is temporary of larger projects in smaller projects. "

Consumer habits are changing again as the pandemic is expressed. Weighing where to spend their money, people are now more likely to choose things like travel, restaurants and other experiences than a kitchen renovation or new household appliances, according to CNBC.

McPhail told the media that Home Depot had sold fewer more expensive discretionary items such as new household appliances during the latter quarter. He said customers can postpone these types of purchases - or they have already bought them during the pandemic.

In response to its first quarter results, Home Depot changes its prospects for this year. The company now claims that it now expects that comparable sales and sales for 2023 decrease between 2 and 5% compared to 2022. According to McPhail, Home Depot is uncertain about what its buyers can do 'coming. AE0FCC31AE342FD3A1346EBB1F342FCB

"Given the negative impact on sales in the first quarter of the deflation of wood and weather, additional softening of demand compared to our expectations and continuous uncertainty concerning consumers, we update our Advice to reflect a range of potential results, "said McPhail in his declaration.

But the retailer does not plan to be broken for a long time. "Although the short -term environment is uncertain, we remain very positive on long -to -date long -term prospects for the improvement of the house and our ability to grow in a large and fragmented market," said Decker.