Our new Marketplace Crash Course is here to help. Sign-up for free, learn at your own pace.
Home Depot blames lumber prices for drop in sales
A customer's lumber sits on a cart at a Home Depot store on in 2017 in Chicago, Illinois. The company cited lumber price deflation as a reason it trimmed its outlook for 2019.
Scott Olson/Getty Images
The Home Depot had a warning for its investors on Tuesday. Despite posting a healthy $3.48 billion in profits for the second quarter, the home improvement giant cut its sales forecast for the full year. The company blamed the potential effects of tariffs on U.S. consumers for the slowdown, as well as deflated lumber prices. Lumber makes up about 8% of the company’s sales. Prices have fallen sharply since reaching record highs in 2018.
Click the audio player above to hear the full story.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.