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Home Depot reported a decline in third-quarter sales, with consumers pulling back on high-dollar purchases and deferring major home-improvement projects.
Same-store sales, which adjust for store openings and closings, fell 3.1% during the quarter but didn’t decrease as much as analysts expected. The Atlanta-based company logged 2.4% fewer transactions during the quarter, and the average size of those tickets edged lower as well.
“Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” Chief Executive Ted Decker said.
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