Home Depot’s business has remained strong whilst turbulent economic conditions pinch consumers’ wallets, CEO Ted Decker told CNBC’s Jim Cramer on Friday.
His comments come after Cramer questioned him on whether he has seen the identical signs of recession that FedEx CEO Raj Subramaniam warned of on Thursday’s “Mad Money.”
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“Our consumer, our customer, pro and DIY have been resilient,” Decker said.
The corporate last month reported earnings and revenue that beat Wall Street expectations in its latest quarter and cited healthy project backlogs despite a weakening housing market and chronic inflation.
“Our customer tends to have strong income. They have a tendency to be homeowners. And guess what, they’re spending more time in that home, and that home’s aging,” Decker said.
He acknowledged that the seasonal aisle has seen some softness, although the project business has held regular.
“It’s hard for us – is that a requirement signal due to weather? We had a tricky spring,” he said. “Or is it a response to pricing or an uncomfort level with the economy? It’s hard to tease that out.”
Nonetheless, the chief executive maintained that Home Depot stays confident about its trajectory. “We couldn’t be more bullish,” he said.
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