• 家得宝高管表示，目前消费者已暂停厨房改造、浴室升级等项目，转而选择刷墙、庭院改造等能以现金支付的小型项目。该公司周二公布的财报业绩稳健，但同时发出警示：受利率仍处高位的影响，消费者对通过借贷推进大型家居装修项目持谨慎态度。
出于对经济和利率的担忧，家得宝的顾客们正搁置大型家居装修项目，转而专注于小型项目。
家得宝首席执行官泰德·德克尔（Ted Decker）在周二的财报电话会议中表示，消费者或许会重新开始刷墙、修整庭院，但不会着手推进大型家居装修项目。
家得宝首席财务官理查德·麦克菲尔（Richard McPhail）指出，大型家居装修项目通常依赖贷款融资，而小型项目可直接用现金支付，这正是消费者迟迟未决定推进大型项目的原因。
麦克菲尔对《华尔街日报》表示，消费者并未取消厨房改造、浴室升级这类需贷款支持的项目，但“受整体经济形势不确定性，以及利率上升推高借贷成本的影响，他们仍在推迟大型项目”。
美联储为抑制通胀采取一系列举措后，利率始终处于高位。自2024年底以来，美联储将利率稳定维持在4.25%至4.5%的区间内，不过部分人士正密切关注美联储主席杰罗姆·鲍威尔（Jerome Powell）在即将召开的杰克逊霍尔经济政策研讨会上的发言，以期捕捉降息信号。与此同时，经济学家们愈发频繁地发出警告，称低增长与高通胀并存的滞胀威胁加剧。7月同比通胀率涨幅约为2.7%，就业市场面临的威胁也在持续升级。
尽管近期房地产市场增速放缓——这意味着房屋交易前后的家装项目数量随之减少，但消费者仍在稳步推进小型家居装修工程。
家得宝之所以能保持稳定发展，部分原因在于其客户群体相对富裕，且80%为房主。这一群体的消费力基本保持强劲：一方面得益于稳定的就业状况，另一方面也受益于2019年以来房产价值大幅攀升。相比之下，关税不确定性与通胀压力已导致其他收入较低的群体在部分领域缩减开支。
麦克菲尔告诉美国消费者新闻与商业频道（CNBC）：“客户财务状况良好，我们认为这正是他们积极投入家居装修的原因。”
家得宝最新财报纳入了春季旺季数据——春季天气转暖、降水减少，房主与装修承包商会开展更多家装项目。该公司春季“黑色星期五”促销活动期间，与小型项目相关的家电、园艺、管道及电器部门销售额有所增长。不过，麦克菲尔向美国消费者新闻与商业频道透露，通常与大型项目相关的厨房台面、卫浴品类，销售额增幅并不显著。
尽管如此，在小型项目增长的推动下，家得宝最新季度营收达到452.8亿美元，较去年同期有所提升，但略低于分析师预期的454.1亿美元。该公司股价周二午盘时段上涨3.17%，成为道琼斯指数的领涨个股。（*）
译者：中慧言-王芳
• 家得宝高管表示，目前消费者已暂停厨房改造、浴室升级等项目，转而选择刷墙、庭院改造等能以现金支付的小型项目。该公司周二公布的财报业绩稳健，但同时发出警示：受利率仍处高位的影响，消费者对通过借贷推进大型家居装修项目持谨慎态度。
出于对经济和利率的担忧，家得宝的顾客们正搁置大型家居装修项目，转而专注于小型项目。
家得宝首席执行官泰德·德克尔（Ted Decker）在周二的财报电话会议中表示，消费者或许会重新开始刷墙、修整庭院，但不会着手推进大型家居装修项目。
家得宝首席财务官理查德·麦克菲尔（Richard McPhail）指出，大型家居装修项目通常依赖贷款融资，而小型项目可直接用现金支付，这正是消费者迟迟未决定推进大型项目的原因。
麦克菲尔对《华尔街日报》表示，消费者并未取消厨房改造、浴室升级这类需贷款支持的项目，但“受整体经济形势不确定性，以及利率上升推高借贷成本的影响，他们仍在推迟大型项目”。
美联储为抑制通胀采取一系列举措后，利率始终处于高位。自2024年底以来，美联储将利率稳定维持在4.25%至4.5%的区间内，不过部分人士正密切关注美联储主席杰罗姆·鲍威尔（Jerome Powell）在即将召开的杰克逊霍尔经济政策研讨会上的发言，以期捕捉降息信号。与此同时，经济学家们愈发频繁地发出警告，称低增长与高通胀并存的滞胀威胁加剧。7月同比通胀率涨幅约为2.7%，就业市场面临的威胁也在持续升级。
尽管近期房地产市场增速放缓——这意味着房屋交易前后的家装项目数量随之减少，但消费者仍在稳步推进小型家居装修工程。
家得宝之所以能保持稳定发展，部分原因在于其客户群体相对富裕，且80%为房主。这一群体的消费力基本保持强劲：一方面得益于稳定的就业状况，另一方面也受益于2019年以来房产价值大幅攀升。相比之下，关税不确定性与通胀压力已导致其他收入较低的群体在部分领域缩减开支。
麦克菲尔告诉美国消费者新闻与商业频道（CNBC）：“客户财务状况良好，我们认为这正是他们积极投入家居装修的原因。”
家得宝最新财报纳入了春季旺季数据——春季天气转暖、降水减少，房主与装修承包商会开展更多家装项目。该公司春季“黑色星期五”促销活动期间，与小型项目相关的家电、园艺、管道及电器部门销售额有所增长。不过，麦克菲尔向美国消费者新闻与商业频道透露，通常与大型项目相关的厨房台面、卫浴品类，销售额增幅并不显著。
尽管如此，在小型项目增长的推动下，家得宝最新季度营收达到452.8亿美元，较去年同期有所提升，但略低于分析师预期的454.1亿美元。该公司股价周二午盘时段上涨3.17%，成为道琼斯指数的领涨个股。（*）
译者：中慧言-王芳
• Home Depot customers are putting their kitchen remodels and bathroom upgrades on hold as they turn instead to smaller projects that can be funded in cash, like painting and yard improvements, said Home Depot execs. The company reported solid earnings Tuesday but warned customers are hesitant to take on debt to fund larger home-improvement projects as interest rates remain stubbornly high.
Home Depot customers are putting their big home-improvement projects on hold as worries about the economy and interest rates have them sticking to smaller projects.
While people may be painting again and working on their yards, they aren’t pulling the trigger on larger improvements, said Home Depot CEO Ted Decker during Tuesday’s earnings call.
These bigger home-improvement projects are usually financed through loans, while smaller projects can be completed with cash payments, which plays into consumers’ hesitancy, said Home Depot chief financial officer Richard McPhail.
Consumers aren’t canceling that debt-financed kitchen remodel or bathroom upgrade, but they “are still deferring larger projects as a result of general uncertainty and higher borrowing costs in the form of interest rates,” McPhail told the Wall Street Journal.
Interest rates have remained stubbornly high in the aftermath of the Fed’s battle with inflation. The Fed has maintained interest rates between 4.25% and 4.5% since late 2024, although some are looking to Fed Chairman Jerome Powell’s comments at the upcoming Jackson Hole Economic Policy Symposium for signs of an impending cut. Meanwhile, economists have increasingly warned about the threat of stagflation, a combination of low growth and high inflation, as the year-over-year inflation rate increase stood at about 2.7% in July and threats to employment grew.
Still, consumers are steadily tackling smaller home improvements despite a recent slowdown in the housing market, which has meant fewer projects being completed before and after selling a home.
Part of the reason Home Depot has persevered is because its customer base is wealthier, and made up of 80% homeowners. This demographic group has largely stood firm, benefiting from steady employment and a sharp increase in property values since 2019, while tariff uncertainty and inflation has caused other, less affluent groups to pull back on spending in some areas.
“Our customer is healthy, and we think that’s what has supported their level of engagement in home improvement,” McPhail told CNBC.
Home Depot’s latest earnings report includes its busy springtime season, where both homeowners and contractors take on more projects owing to warmer, drier weather. Its spring Black Friday sales event saw a boost in its appliance, gardening, plumbing, and electrical departments, associated with smaller projects. Still, sales were not as pronounced in the kitchen countertops and bath categories that are typically associated with larger projects, McPhail told CNBC.
Still, the boost in smaller projects helped Home Depot report $45.28 billion in revenue for the latest quarter, an improvement over last year during the same period, although just under the $45.41 billion analysts expected. The company’s stock led the Dow higher with a 3.17% advance Tuesday as of midday.