Home Depot reported a decline in third-quarter sales, with consumers pulling back on high-dollar purchases and deferring major home-improvement projects.
Same-store sales, which adjust for store openings and closings, fell 3.1% during the quarter but didn’t decrease as much as analysts expected. The Atlanta-based company logged 2.4% fewer transactions during the quarter, and the average size of those tickets edged lower as well.
Shares of Home Depot jumped Tuesday, rising more than 5% to mark their best day since November 2022. The shares are now down roughly 4% this year. Competitor Lowe’s also rose.