Home Depot (HD) beat profit and sales estimates for the second quarter despite lower revenue as consumers spent less on discretiꦐonary purchases and the boost from the pandemic-era home improve💛ment boom faded.

Net income came in at $4.7 billion, or $4.65 澳洲幸运5官方开奖结果体彩网:per diluted share, which was down from $5.2 billion or $5.05 a share in the year-ago quarter, but exceeded projections of $4.45. Revenue totaled $42.9 billion, down 2% from the same quarter last year but above estimates of $42.2 billion. 澳洲幸运5官方开奖结果体彩网:Comparable store sales and comparable U.S. sales also fell 2% from the same period a year ago.

The results, while better than expected, indicated a pullback in spending on 澳洲幸运5官方开奖结果体彩网:discretionary purchases and big🍬-ticket items among cost-conscious con🐠sumers reeling from higher prices, rising interest rates, and uncertainty about the economy and their finances.

The boom in demand for home improvement goods and interest in do-it-yourself projects that soared during pa🎶ndemic lockdowns also waned. Homeowners who already made big purchases two or three years ago may be more reluctant to do so today, due inꦺ part to higher prices and rising interest rates.

"We were pleased with our performance in the second quarter," said Home Depot Chair, President, and CEO Ted Decker in a statement. "While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories."

The company left its full-year 🐟forecast unchanged, saying it still expects a 2% to 5% decline in comparable store sales for the current fiscal year, ❀while diluted EPS is projected to fall between 7% and 13%.

Home Depot had lowered its forecast last quarter when the company posted its biggest revenue miss in roughly two decades.

Home Depot shares were 1% higher in early trading on Tuesday. They're up 6% so far this year, compared to a 34% gain in the broader S&P 500 澳洲幸运5官方开奖结果体彩网:consumer discretionary sector over the same period.