Home Depot Cuts Outlook With Consumers in 'Deferral Mindset'.

Home Depot 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 decrease in spending is attributed to consumers holding back on home purchases and larger renovations due to high interest rates and inflation. Home Depot's CFO, Richard McPhail, stated that customers are in a "deferral mindset" and are waiting for interest rates to decrease before making significant purchases. The company's stock rose slightly following the announcement. [Extracted from the article]