Small Projects Drive Home Depot Sales Growth Despite Slowing Housing Market

Home Depot's quarterly sales have seen an unexpected boost thanks to small projects. The US home improvement retailer reported that its total sales for the first quarter of 2024 were up by 5.6% compared to the same period in 2023.

The increase was driven primarily by higher sales in the United States, which rose by 5.8%. However, when adjusted for changes in inventory levels and other factors, comparable sales actually decreased by 0.7% during the quarter.

Despite this mixed performance, Home Depot's overall sales were still a significant improvement over last year's first quarter. The company attributed the increase to strong demand for small project materials, such as paint, lumber, and tools.