Home Depot (HD) reported declining sales in its fourth-quarter earnings. CEO Edward Decker pointed to higher interest rates as a headwind challenging the home improvement retailer’s demand.
TD Cowen Director of Retail & Luxury Max Rakhlenko joins Yahoo Finance Live to comment on how the retailer’s earnings figures are reflected within the current US housing market.
“We expect the home improvement sector to decline, low single digits, in 2024. And then we do think that Home Depot picks up some market share, but overall… despite mortgage rates coming down by roughly 100 basis points, looking at some of the real-time data, we haven’t really seen any sort of a pickup in existing home sales whatsoever, just given such tight inventory…” Rakhlenko says.
About Yahoo Finance:
TD Cowen Director of Retail & Luxury Max Rakhlenko joins Yahoo Finance Live to comment on how the retailer’s earnings figures are reflected within the current US housing market.
“We expect the home improvement sector to decline, low single digits, in 2024. And then we do think that Home Depot picks up some market share, but overall… despite mortgage rates coming down by roughly 100 basis points, looking at some of the real-time data, we haven’t really seen any sort of a pickup in existing home sales whatsoever, just given such tight inventory…” Rakhlenko says.
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