Home Depot Reports Higher Sales, but Its C.E.O. Isn’t There to Spread the News
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- Home Depot posted comparable sales up 1.7% for the most recent quarter, its biggest gain since 2022, signaling that U.S. households are still spending on smaller home improvement projects despite elevated housing costs.
- CEO Ted Decker stepped away temporarily for medical reasons last week, with the company saying Tuesday it expects him to return in a few months and will share material developments as appropriate.
- CFO Richard McPhail and two trusted lieutenants are filling in for Decker during his leave, with McPhail noting consumer uncertainty and housing affordability continue to pressure demand for larger home improvement projects.
- Home Depot has been acquiring specialty trade companies to build out its professional contractor business, a strategic shift underway alongside the leadership transition.
- The retailer is investing in and deploying artificial intelligence across its stores and back-end operations, a push common across major companies but now being navigated by interim leadership.
Why it matters: A 1.7% comparable sales gain — the strongest since 2022 — shows demand for smaller DIY projects is holding up even as bigger-ticket remodeling remains pressured by housing affordability, giving interim managers a stable quarter to steer the specialty-contractor acquisition strategy and AI rollout without Decker's involvement.
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