Hardware giant Home Depot is reporting falling revenue as more Americans find they have less money to spend on home improvement projects thanks to Joe Biden’s horrendous economy.
The home repair giant reported that sales on building materials, lumber and construction-related equipment have all tumbled according to Just the News.
“The underlying long-term fundamentals supporting home improvement demand are strong,” Ted Decker, Home Depot’s CEO, said in a news release. “[But] during the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects.”
Home Depot lowered its projected sales expectations for the year, and expects sales at stores open at least 12 months to fall between 3% and 4% for fiscal year 2024, compared to fiscal year 2023. Home Depot’s sales at those stores open at least a year already dropped 3.6% last quarter, the company also said.
It isn’t a surprise that hardware and home improvement it falling out of American budgets. With the cost of energy, food, and housing soaring, things like home repairs are naturally taking a back seat.
In most cases, upgrading flooring, or new kitchen hardware, or painting and wall papering is simply not a necessity. Especially when so many Americans are struggling just to buy food for their families thanks to the massive Bidenflation wracking the country.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston
