Home Depot executives expressed cautious optimism about the home-improvement market as they reported fourth-quarter results that exceeded expectations. CFO Richard McPhail noted uncertainty surrounding interest rates and the macroeconomic environment. CEO Ted Decker highlighted the unlikely significant rebound in the housing market, with turnover appearing to stabilize at 3%. Although sales grew by 0.8% after several quarters of decline, overall demand for large remodeling projects remains subdued. The company continues shifting focus towards professional sectors and has made a significant acquisition to support this strategy, despite rising inventory levels.
Executives don't foresee a major recovery in the housing market, with the bottom of housing turnover at about 3% and little expectation for new housing starts.
Home Depot's fourth-quarter results showed a 0.8% increase in comparable sales following eight quarters of decline, indicating improved engagement despite pressure on remodeling projects.
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