Home Depot sees first annual sales decline in more than a decade

After years of explosive growth during the pandemic, Home Depot’s revenue during the first quarter fell short of expectations and the company cut its profit and sales outlook for the year, sending shares lower at the opening bell. Home Depot on Tuesday projected its first decline in annual revenue since 2009 in the aftermath of the bursting of the housing bubble and financial crisis. It was a rough start to a busy week of retail earnings and the numbers from the nation’s biggest home improvement chain dragged down retails stocks as well as the Dow. Shares in rival Lowe’s fell harder than Home Depot.

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Home Depot, Lowe's may signal more pain from muted consumer spending, housing demand