Why Home Depot Stock Dropped Today
Shares of Home Depot (NYSE: HD) fell 7% on Tuesday after the home improvement retailer delivered a worrisome sales forecast.
Home Depot's revenue rose less than 1% year over year to $35.8 billion in its fiscal 2022 fourth quarter ended Jan. 29. New store openings offset a slight decline in comparable store sales.
The number of customer transactions at the company's stores decreased by 6% to 378.5 million, as higher mortgage rates and recession fears weighed on the housing market. However, a 5.8% increase in Home Depot's average ticket price helped to offset the negative impact of lower traffic on its sales results.
Source Fool.com
