Home Depot Inc. forecast a drop in profit this year on flat sales as consumers spend less on goods and become more sensitive to higher prices.
The home-improvement chain said Tuesday that it expects adjusted per-share earnings to decline at a mid-single-digit rate for 2023, with margins affected in part by an additional $1 billion that Home Depot said it would invest into wage increases for its hourly employees.
Home Depot Inc. forecast a drop in profit this year on flat sales as consumers spend less on goods and become more sensitive to higher prices.
The home-improvement chain said Tuesday that it expects adjusted per-share earnings to decline at a mid-single-digit rate for 2023, with margins affected in part by an additional $1 billion that Home Depot said it would invest into wage increases for its hourly employees.