Home improvement stores such as Home Depot and Lowes have thrived during the pandemic and red-hot housing market, but signs are pointing to a major cool off for the companies.
Experts are concerned with some of Home Depot’s stats from its second quarter earnings, including its same-store sales growth, which was only up by 3.4%. Analysts say this is a significant drop off and much lower figure than expected.
Additionally, Home Depot reported a 6% decline in sales as compared to last year. Fewer customers and a concerning decline in sales have resulted in a major stock price decline as well.