Home Depot CFO Richard McPhail toldYahoo Finance that the cost of gasoline and economic turmoil caused by the Iran war are keeping people from DIY projects.
“There’s no question that the average consumer is feeling pressure from rising fuel costs,” McPhail told Yahoo Finance. “Our customer tends to have higher incomes and higher housing wealth, but they do tell us that they’re feeling the impact of fuel costs.”
While painting remains a strong part of the business, there have been dips in purchases of lumber, building materials, millwork, flooring and lighting.
Home Depot stock fell 2% in early trading on Tuesday.
