Home Depot also stuck by its guidance for the current fiscal year, which forecasts same-store sales growth of 1% and a 2% decline in adjusted earnings per share. Much of the sales growth appeared to come in July. Home Depot Chief Financial Officer Richard McPhail said in an interview with CNBC that comparable sales rose 3.3% that month.

In Q1, Home Depot experienced solid demand for smaller projects and seasonal activities; however, high interest rates deterred many consumers