Home Depot sales slipped in 1st quarter report

(CNN) Americans seem to be scaling back on home improvement projects as higher interest rates and inflation take their toll.

Home Depot reported sales for its latest quarter Tuesday and they were below expectations.

Sales fell 4.5% at stores open at least a year and Home Depot’s income decreased nearly 6.5% from the same period a year ago.

The company has now lowered its sales expectations for 2023.

It now expects sales to decline between 2% and 5% from last year.

The company’s stock fell 3.5% during pre-market trading Tuesday.

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