Home Depot Warns of Weak 2023 Profit as Rising Prices Hurt Demand

Home Depot Warns of Weak 2023 Profit as Rising Prices Hurt Demand
The logo of Home Depot in Encinitas, Calif., on April 4, 2016. Mike Blake/Reuters
Reuters
Updated:
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Home Depot Inc. forecast annual profit below Wall Street expectations on Tuesday as soaring prices weigh on demand for home improvement products, while it grapples with higher costs and labor shortages.

The No. 1 U.S. home improvement chain posted a surprise drop in fourth-quarter comparable sales, sending its shares down about 4 percent in premarket trading. Shares of smaller rival Lowe’s Cos Inc. also slipped.