Home Depot Cuts Full-Year Sales Outlook on Weak Housing Demand.

Home Depot Inc. has revised its sales forecast for the year, anticipating a decline in consumer spending. The company now expects comparable sales to fall 3% to 4%, compared to the previous estimate of a 1% decline. This adjustment is due to pressure on consumer demand, as high interest rates and inflation have led consumers to delay home purchases and larger renovations. Home Depot's recent acquisition of SRS Distribution aims to expand its presence in the professional contractor market. The company's earnings per share for the second quarter exceeded analysts' expectations. However, the overall weak performance of consumer-product companies this season suggests that Home Depot's sales may not immediately improve, even if the Federal Reserve cuts interest rates. [Extracted from the article]