00:00As we heard from Home Depot a little bit earlier on, the company missing expectations, pointing to high borrowing costs
00:05and slower consumer spending.
00:07Home Depot CFO Richard McPhail telling us here at Bloomberg shoppers continue to defer large projects telling us they have
00:13a higher degree of uncertainty.
00:15Drew Renning of Bloomberg Intelligence joins us now for more. Drew, welcome to the program.
00:19It's not as if the bar was particularly high for these companies. We knew things were going to be difficult.
00:23How difficult were they in the last quarter?
00:26Yes, it was a relatively neutral print for Home Depot. They had a slight miss on comparable store sales.
00:32But as you mentioned, coming into the quarter, expectations weren't all that high. The stock's down over 20 percent since
00:38mid-February.
00:40I think the more important thing and what investors will latch on to is the fact that they maintained their
00:46guidance for the full year despite these choppy macro conditions.
00:49Now, their guidance did assume that sales would be either flat to up 2 percent.
00:53So I think they did provide themselves with a little bit of wiggle room to kind of see how this
00:58macro ultimately shakes out.
00:59So I don't necessarily think we've seen the impact yet of, you know, the recent inflation and heightened consumer uncertainty.
01:07So we do think that there could be some risk through the remainder of the year.
01:10So let's go ahead.
01:10Let's go ahead.
01:10Here we go.
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