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Wednesday, September 18, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including The Home Depot, Inc. (HD), The Southern Co. (SO) and Infosys Ltd. (INFY), as well as two micro-cap stocks Kewaunee Scientific Corp. (KEQU) and Friedman Industries, Inc. (FRD). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Shares of Home Depot have gained +9.0% over the past three months against the Zacks Building Products - Retail industry’s gain of +10.6%. The company gains from its “One Home Depot” plan focused on expanding supply chain facilities, technology, and improving the digital experience. The interconnected retail strategy and strong technology infrastructure have consistently boosted web traffic in recent quarters.
HD is also advancing investments to build a Pro ecosystem. HD’s sales saw modest recovery in second-quarter fiscal 2024 driven by contributions from the recent SRS acquisition.
However, due to higher interest rates and macroeconomic uncertainty, dampening consumer demand for home improvement stock has lagged the industry. While Home Depot exceeded sales and EPS estimates in the fiscal second-quarter, EPS declined year over year. Inflationary pressures, including lumber prices, continue to hurt financial performance.
(You can read the full research report on Home Depot here >>>)
Southern Company’s shares have outperformed the Zacks Utility - Electric Power industry over the past year (+31.3% vs. +21.2%). The company is leveraging the demographics of its operating territories, as in healthy population and job growth, it has gradually increased its customer base.
With good rate base growth, constructive regulation, and with the power supplier’s recent success in bringing the Vogtle nuclear project online, Southern is expected to generate steady earnings and dividend growth going forward.
However, the utility’s high leverage restricts financial flexibility, while an increased focus on nuclear energy could face opposition amidst growing environmental concerns. As it is, the utility sector remains sensitive to interest rate fluctuations and market sentiment. Therefore, Southern Company warrants a cautious stance from the investors.
(You can read the full research report on Southern Company here >>>)
Shares of Infosys have outperformed the Zacks Computers - IT Services industry over the past year (+30.4% vs. +21.6%). The company is gaining from large deal wins and fast-growing digital services. Its sustained focus on Agile Digital and AI-driven Core services is a tailwind. The strong demand for its services in the cloud, the Internet of Things (IoT), cyber security and data and analytics is a key driver.
Higher investments by clients in digital transformation, AI and automation are an upside. The solid traction of its Cobalt cloud portfolio is another positive. The latest forecast for worldwide IT spending by Gartner is an upside for Infosys as well.
However, the company is suffering from increasing anti-outsourcing sentiments in certain countries. Higher subcontractor costs and compensation revision with higher variable pay and incentives are weighing on its margins. Further, currency volatility between the Indian rupee and the U.S. dollar is a concern.
(You can read the full research report on Infosys here >>>)
Kewaunee Scientific’s shares have outperformed the Zacks Instruments - Scientific industry over the past year (+108.8% vs. +13.5%). This microcap company with market capitalization of $107.46 million have a growing order backlog, which reached $159.4 million as of July 31, 2024, which provides strong visibility into future revenues, driven by stable domestic sales and a solid operational performance.
Domestic revenues increased 0.3% year over year, with net earnings rising to $2.9 million. Improved cost management helped maintain profitability despite a 2.9% decline in sales. Internationally, Kewaunee Scientific’s backlog suggests growth opportunities, supported by its global presence, despite a 10.7% drop in sales due to construction delays in India.
However, rising operating expenses, a 28.8% decline in pre-tax earnings, and increased competition in the laboratory furniture market pose risks. Additionally, the company's long-term debt, tied to high financing costs, may limit financial flexibility.
(You can read the full research report on Kewaunee Scientific here >>>)
Shares of Friedman Industries have gained +8.7% over the past year against the Zacks Metal Products - Procurement and Fabrication industry’s gain of +35.2%. This microcap company with market capitalization of $96.95 million demonstrated strong risk management in first-quarter fiscal 2025, using hedging gains of $5.4 million to protect margins amid falling hot-rolled coil prices, resulting in $2.6 million in net earnings.
Friedman Industries’ robust working capital of $123.6 million provides financial flexibility, while operational efficiencies have reduced selling, general and administrative (SG&A) expenses by 24% year over year in the fiscal first quarter. The tubular segment shows potential with an 11.1% volume increase, though challenges remain with declining prices.
Yet, revenues fell 16.6% year over year in the fiscal first quarter, and rising costs along with lower demand could pressure margins. Rising interest expenses, macroeconomic headwinds, steel price volatility and high inventory levels pose risks to future performance.
(You can read the full research report on Friedman Industries here >>>)
Other noteworthy reports we are featuring today include McKesson Corp. (MCK), Digital Realty Trust, Inc. (DLR) and Verisk Analytics, Inc. (VRSK).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Home Depot's (HD) Interconnected Strategy to Boost Sales
Southern Company (SO) Buoyed by Regulated Customer Growth
Cloud, IoT, IT Security Services Demand Aid Infosys (INFY)
Featured Reports
Demand for Specialty Products Driving McKesson (MCK) Prospects
Per the Zacks analyst, McKesson's distribution segment will continue to benefit from higher volume of specialty products coupled with price rise. Rising demand for extended and primary care buoys well
Data Center Demand Aid Digital Realty (DLR), Debt Burden Ail
Per the Zacks analyst, the unmatched global footprint of data centers, solid tenant base, and accretive buyouts and investments are likely to aid Digital Realty despite a substantial debt burden.
Verisk (VRSK) Gains From Krug Buyout, Operational Risks Stay
Per the Zacks analyst, the Krug acquisition helped Verisk to expand its claims and casualty services across Europe. Chances of security breaches remain a concern.
Outsourcing Business & Acquisitions Aids CBRE Group (CBRE)
Per the Zacks Analyst, a range of real estate products and services offerings, healthy outsourcing business and strategic buyouts bode well for CBRE Group despite macroeconomic uncertainties.
MAP 2025 Initiatives Aid RPM's Performance, High Costs Ail
Per the Zacks analyst, RPM benefits from strong infrastructural demand and MAP 2025 initiatives. Also, focus on the repair and maintenance business bodes well. However, high costs are a concern.
Focus on R&D Aids Integer Holdings (ITGR) in Energy Volatility
The Zacks analyst is upbeat about Integer Holdings' focus on research and product development despite its operation in a volatile energy market.
Mirum's (MIRM) Livmarli Aids Sales but Overdependence Concerns
Per the Zacks analyst, Mirum's lead drug, Livmarli is driving the top line. The recent label expansion of the drug should drive sales further. However, overdependence on Livmarli for revenues is a woe
New Upgrades
Solid Mass Capacity Demand Drives Seagate (STX) Performance
Per the Zacks Analyst, Seagate's performance is gaining momentum in mass capacity solutions due to stronger nearline cloud demand. However, lower revenues from legacy markets are a concern.
Investments & Customer Additions Aid UGI Corporation (UGI)
Per the Zacks analyst, UGI's strategic investment plans help to upgrade and replace the aging infrastructure that boost its performance. The company also gains from an expanding customer base.
Growing Fee Revenue, Inorganic Growth aid CNO Financial (CNO)
Per the Zacks analyst, CNO Financial's performance, driven by fee revenues and insurance policy income, has led to significant growth. Inorganic growth and technological investments also bode well.
New Downgrades
Geopolitical Risk, Competition Ail TotalEnergies (TTE)
Per the analyst TotalEnergies (TTE) presence across the globe exposes it to geopolitical risk and rising competition among the international energy majors is also a headwind.
Excess Inventory & Declining Order Backlog Ail Winnebago (WGO)
Per the Zacks analyst, the presence of excess inventory in Winnebago's motorhome RV and marine categories is likely to pose challenges. Diminishing order backlog also raises concern.
Weak Demand, Turnaround Costs Ail Dow (DOW)
Per the Zacks analyst, Dow faces headwinds from weaker demand in Europe due to lower consumer spending. Plant turnaround costs will also exert pressure on the company's margins.
Zacks Investment Research
In the latest trading session, Home Depot (HD) closed at $384.01, marking a +0.2% move from the previous day. This move outpaced the S&P 500's daily loss of 0.29%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.31%.
Coming into today, shares of the home-improvement retailer had gained 4.35% in the past month. In that same time, the Retail-Wholesale sector gained 4.15%, while the S&P 500 gained 1.57%.
Investors will be eagerly watching for the performance of Home Depot in its upcoming earnings disclosure. The company's upcoming EPS is projected at $3.64, signifying a 4.46% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $39.27 billion, indicating a 4.15% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $15 per share and a revenue of $157.58 billion, demonstrating changes of -0.73% and +3.22%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Home Depot. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Home Depot possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Home Depot is currently trading at a Forward P/E ratio of 25.55. This signifies a premium in comparison to the average Forward P/E of 19.52 for its industry.
It's also important to note that HD currently trades at a PEG ratio of 2.65. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Building Products - Retail industry held an average PEG ratio of 3.25.
The Building Products - Retail industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 150, placing it within the bottom 41% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Zacks Investment Research
Originally published on Built From Scratch
NORTHAMPTON, MA / ACCESSWIRE / September 18, 2024 / As innovation around sustainable packaging evolves and recycling infrastructure expands, The Home Depot is working to meet our customers' expectations for quality packaging that's also good for the environment. By eliminating certain harmful materials and reducing the overall amount of packaging we use, we're able to help reduce landfill waste and lower packaging-related greenhouse gas emissions.
Our packaging team partners with our private-brand product suppliers to apply science to create better packaging options. One way we achieve that is to reduce the amount of packaging we use and to use more sustainable materials to protect the private-brand products we sell. From 2017 through 2023, we redesigned more than 1,280 packages to reduce size and materials.
Eliminating EPS & PVC
Expanded Polystyrene (EPS) foam is a lightweight, rigid packaging material, while Polyvinyl Chloride (PVC) film is a thinner, more flexible protective filler. They are both made from synthetic substances and can take more than a century to biodegrade.
We've eliminated EPS foam and PVC film in new packaging for our private-brand products sold in the U.S., Canada and online. In 2023 alone, the company eliminated approximately 6.0 million cubic feet of EPS-equal to approximately 67 Olympic-sized swimming pools-and more than 39 million square feet of PVC film-enough to cover more than 513 soccer fields-from its private-brand packaging. Not only were we able to meaningfully reduce our environmental impact by eliminating these hard-to-recycle materials: we also improved the customer experience with less packaging waste and reduced our shipping costs with right-sized packages.
Moving forward, we will continue to partner with our suppliers to keep these materials out of future packaging. Our packaging team has expanded its commitment to circularity by working toward our new packaging goal for all new private-brand fiber packaging to be compostable, recyclable or from recycled content across our U.S. and Canada stores by fiscal 2027.
We know that running a sustainable operation is not only good for the environment - it's good for business.
"We believe that by embedding sustainability into our business strategy, we can create long-term success for our associates, customers, communities, and shareholders. Our efforts to promote operational efficiencies, minimize waste, and drive product innovation will help us move our industry forward," said Candace Rodriguez, senior director of sustainability at The Home Depot.
In support of its continued effort to reduce packaging waste, The Home Depot achieved its goal of removing expanded polystyrene (EPS) foam and polyvinyl chloride (PVC) film from new packaging for its private-brand products.
NOW
Corrugate Corner
In 2023, The Home Depot eliminated 39 million square feet of PVC film and approximately 6.0 million cubic feet of EPS from product packaging and replaced them with molded pulp and paper.
By removing these hard-to-recycle materials. The Home Depot lessens its environmental footprint, reduces shipping costs, and gives customers a better experience by reducing their packaging waste.
PREVIOUS
Expanded Polystyrene Foam (EPS)
Fiber-Based Packaging Goal
Our packaging team has expanded its commitment to circularity by working toward our new packaging goal for all new private-brand fiber packaging to be compostable, recyclable or made with recycled content across our U.S. and Canada stores by the start of fiscal 2027.
We define fiber packaging as:
Paper
Paper board
Blister cards
Corrugate
Molded pulp
Paper materials
Our process starts with us researching current U.S. and Canada recycling infrastructure capabilities. Then we communicate our new goal with our suppliers, including our expectations and timeline. Next, we partner with them to explore alternative material options for our fiber-based packaging. As we find sustainable alternatives or create new designs, new products will be compliant as they are onboarded, and existing items will be assessed and updated.
As we work towards this goal, we are also committed to meeting the expectations of our customers. This means that our new packaging must not only be more sustainable but also perform as well as or better than the existing packaging.
Keep up with all the latest Home Depot news! Subscribe to our bi-weekly news update and get the top Built from Scratch stories delivered straight to your inbox.
View additional multimedia and more ESG storytelling from The Home Depot on 3blmedia.com.
Contact Info: Spokesperson: The Home Depot Website: https://www.3blmedia.com/profiles/home-depot Email: info@3blmedia.com
SOURCE: The Home Depot
View the original press release on accesswire.comThe Federal Reserve's interest rate policies have been a major influence on market dynamics, with the S&P 500 Index on pins and needles ahead of today's decision. The benchmark index is up 26.5% over the past year and 18% on a year to date basis, and is lingering near record highs - but at the same time, volatility expectations are also picking up.
The Cboe Volatility Index , which reflects investors' expectations for short-term price swings in the SPX, has cooled from its “panic highs” of early August, but still sits about 48% higher than its mid-June levels, as of this writing. This reflects heightened uncertainty on Wall Street, as investors eye softening economic data against still-elevated inflation - leaving the Fed to thread the needle on a soft landing for the U.S. economy.
In times like these, defensive ETFs can be a go-to for investors seeking a safe harbor. These funds are crafted to weather economic storms, offering steady returns even when the broader market is in flux. As the Federal Reserve prepares for what's expected to be a series of rate cuts, the allure of these defensive plays grows stronger amid the nearly palpable uncertainty on Wall Street.
This brings us to a noteworthy development: Bank of America's recent decision to upgrade the utilities sector to “Overweight.” With strong fundamentals and appealing dividend yields, utilities stocks have caught the eye of investors looking for reliable investments - and presents a compelling opportunity to invest in utilities for their resilience, as well as their potential growth in the age of artificial intelligence (AI).
Let's take a closer look at a top sector-focused ETF to uncover its composition, performance, and the insights driving Bank of America's bullish stance.
Overview of Utilities Select Sector SPDR Fund ETF
As one of the old-school SPDRs, the Utilities Select Sector SPDR Fund is no newcomer to the ETF space. Launched in 1998, XLU has grown to manage $18.5 billion in assets, making it a heavyweight in the exchange-traded fund (ETF) market.
Managed by State Street Global Advisors, XLU is designed to track the performance of the Utilities Select Sector Index, focusing on companies within the electric utilities, water utilities, and multi-utilities sectors. The fund's strategy is straightforward; to replicate the performance of its benchmark index. Given the stable demand for utilities, this approach positions XLU as a defensive play, which is particularly appealing during times of market uncertainty.
XLU's portfolio is spread across 31 holdings. The top 10 stocks account for about 59% of the total portfolio, highlighting its focus on major utility players. NextEra Energy Inc. leads the pack with a significant 14.59% weighting, followed by Southern Company and Duke Energy at 8.16% and 7.50%, respectively. Other top holdings include Constellation Energy (5.28%), American Electric Power (4.57%), and Sempra (4.42%). This concentration underscores XLU's emphasis on stability and reliable income.
In terms of performance, XLU has outpaced the broader market in 2024, with a year-to-date gain of nearly 25%.
Investors are drawn to XLU not only for its stability but also for its attractive dividend yield of 2.77%, based on the quarterly dividend of $0.56. This yield is nearly double that of the broader S&P 500, making it a compelling choice for income-focused investors.
Furthermore, XLU maintains a low expense ratio of 0.10%, which is well below the category average, enhancing its appeal as a cost-effective investment option.
The fund also enjoys strong liquidity, with an average daily trading volume of about 8.5 million shares. This high volume ensures that investors can enter and exit positions quickly with minimal slippage, a crucial factor in volatile markets.
Impact of Fed Rate Cuts
When the Federal Reserve decides to cut interest rates, it sets off a chain reaction that affects various facets of the economy. Lower rates make borrowing money cheaper, encouraging both consumers and businesses to spend and invest more. This increased activity can stimulate economic growth, providing a much-needed boost, especially when the economy is slowing down.
For the utilities sector, which is tracked by the XLU ETF, rate cuts can be particularly advantageous. Utilities are capital-intensive, relying heavily on borrowing to fund infrastructure projects and maintain operations. With lower interest rates, these companies face reduced borrowing costs, enhancing their profitability and making them more appealing to investors seeking steady returns. This is particularly crucial now, as energy demands from AI are ramping higher.
Historically, utilities and other high-dividend sectors perform well when interest rates decline. Lower rates make high-dividend stocks more attractive than fixed-income investments like bonds, whose yields drop in tandem with rate cuts. As a result, investors often flock to utility stocks for their reliable dividends, further driving up stock prices in this sector.
More broadly, data shows that on average, U.S. stocks have delivered an 11% real return in the 12 months following the start of a rate-cutting cycle, outpacing bonds and cash. This trend underscores the potential for growth in sectors like utilities, which are poised to benefit from improved market conditions and their inherently defensive characteristics.
Conclusion
In conclusion, the Utilities Select Sector SPDR Fund stands out as a smart choice for investors seeking both stability and income, especially as the market anticipates potential Federal Reserve rate cuts. With its strong performance, attractive dividend yield, rising electricity demand, and low expense ratio, XLU offers a compelling defensive strategy in uncertain times. Bank of America's upgrade of the utilities sector underscores this potential, making now an opportune moment to consider utilities as a cornerstone of your investment portfolio.
On the date of publication, Ebube Jones did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
TORONTO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Behr Paint Company is proud to announce the introduction of its Women in Paint™ program, an initiative designed to elevate the achievements of Canadian professional women painters and to inspire the next generation in the skilled trades.
Women in Paint™ is a comprehensive program aimed at celebrating the voices and significant contributions of women in the painting industry. In its inaugural year, Behr is excited to be collaborating with established contractor and television personality, Kate Campbell, to champion the power of mentorship as an advocate and spokesperson for Women in Paint in Canada. Kate will not only share her story and insights through a series of contributed articles and content but also lend her expertise to a Women in Paint contest where one emerging professional entering the painting trades will win 1:1 mentorship with her (see Official Rules for details).
"I’m honoured to be teaming up with Behr to encourage more women to consider a career in the trades and to help grow Women in Paint,” says Kate Campbell. “I have seen firsthand the incredible impact women can have in the trades and I’m excited to share my experience and be part of a community where women can inspire and mentor one another.”
Through Women in Paint, Behr seeks to provide tradeswomen with community support, mentorship opportunities, learning resources and increased visibility within the industry, and aims to inspire more women to pursue and thrive in a fulfilling career in the painting trades.
“As a company, Behr is dedicated to empowering and supporting the emergence and growth of women in the painting trades,” said Christine Speagle, Director, Brand Marketing at Behr Canada. “We are pleased to introduce the Women in Paint program to empower women painters by providing them with support, mentorship, and platforms to display their talents. Our mission is to inspire more women to enter and excel in the trades, fostering a diverse and inclusive industry.”
Behr has also teamed up with several accomplished Canadian women in the painting trades to share their unique perspectives, key learnings and inspiring journeys as entrepreneurs in a series of peer-contributed articles. Their stories can be found online at BehrPro.ca/WomenInPaint and are accompanied by additional resources offering tips, guidance and support to emerging professionals to help them navigate a career in the painting trades.
To further build a Women in Paint network and community, Behr is joining forces with The Home Depot Canada to host a series of pro workshops in Ontario this fall catering to women considering, or newly embarking on a career in the painting trades.
“We recognize the importance of representing and empowering women in the trades and are happy to be supporting the Women in Paint program,” says Sara Palacios, Marketing Manager, The Home Depot Canada. “We are proud to work alongside Behr to offer exclusive workshops and opportunities for women to connect, learn, and grow within a supportive network. Our collective goal is to ensure that women painters have every tool and resource available to thrive in their careers.”
For more information about Women in Paint™ and to view contest rules and regulations, visit BehrPro.ca/WomenInPaint.
About Behr Paint Company Founded in 1947, Behr Paint Company is one of the largest manufacturers of paints, primers, decorative finishes, stains, surface preparation and application products for do-it-yourselfers and professionals in the United States, Canada, and Mexico. The Santa Ana, Calif.-based company, and maker of the BEHR®, KILZ® and WHIZZ® brands, is dedicated to meeting the project needs of DIYers, designers and professional paint contractors with an unwavering commitment to quality, innovation, and value. For more information, visit Behr.ca. Professional paint contractors and designers can visit BehrPro.ca to learn about products, colour tools and services. Behr Paint Company is a subsidiary of Masco Corporation (NYSE: MAS).
Behr and the Behr logo are registered trademarks of Behr Process LLC.
About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer. At the end of fiscal year 2023, the company operated a total of 2,335 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs approximately 465,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
For inquiries, questions and/or high-res images, please contact:Samantha Machansmachan@harbingerideas.com 647.239.7178
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d387a4c4-5b90-44c8-b866-71de4c065262
Home Depot has agreed to a settlement of almost $2 million to resolve allegations that it overcharged customers at checkout.
What Happened: The lawsuit, filed by prosecutors from six California counties, accused the retailer of “scanner violations,” where the prices at checkout were higher than the advertised prices. The case was brought to the San Diego County Superior Court, reported NBC News.
In a statement, Home Depot said it has updated the timing of its price changes to ensure consistency for customers. The settlement, which does not admit any wrongdoing, was approved by Judge Richard Whitney and filed on Aug. 26.
Los Angeles County District Attorney George Gascón stated that the price discrepancies were not accidental and accused the company of deceptive practices. The settlement includes $1.7 million for consumer law enforcement across several counties and additional funds for consumer regulators and watchdogs.
Under the agreement, Home Depot must always use the lowest posted prices, hire an internal price watchdog, assign price accuracy checks to store managers and make price accuracy records available to prosecutors.
See Also: Starbucks North America CEO Michael Conway Quits After Just 6 Months In The Position
Why It Matters: This settlement comes at a time when Home Depot is already grappling with various challenges. Recently, the company’s CEO Ted Decker highlighted that inflation is eroding disposable income, causing many homeowners to delay renovations and repairs. This economic strain has been reflected in the company’s financial performance.
In its latest earnings report, Home Depot posted a modest sales growth of 0.6% year-over-year, falling short of Wall Street expectations. Analysts have since lowered their price forecasts for the company, citing a weaker consumer outlook.
Moreover, the retail giant has been trying to boost sales by introducing holiday merchandise earlier than usual, aiming to counteract potential slowdowns in consumer spending due to economic uncertainties and the upcoming presidential election.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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