Home Depot stock falls after company cuts full-year outlook as consumers put off home improvement projects

Core Viewpoint - Home Depot's stock fell 4% after reporting third quarter results that missed forecasts and lowered its full-year outlook due to a sluggish US housing market [1][2] Financial Performance - Adjusted earnings per share for the third quarter were $3.74, missing forecasts of $3.84, while revenue was $41.4 billion, exceeding expectations of $41 billion [2] - Full-year adjusted earnings per share are now expected to decline by 5%, a sharper drop than the previously anticipated 2% decline [2] Sales Performance - Same-store sales increased by 0.2% overall and 0.1% in the US, falling short of the expected 1.3% increase for the third quarter [3] - CEO Ted Decker attributed the disappointing results to a lack of storms in the third quarter, which exerted unexpected pressure on certain product categories [3] Market Conditions - The housing market remains under pressure, with high mortgage rates causing many Americans to remain in their current homes, impacting demand for large-scale renovation projects [3][4] - Economic uncertainty, driven by living costs and job concerns, is affecting consumer confidence and home improvement demand [4]