Home Depot says its sales dropped over the winter, expecting slow 2024

(CNN)– Home Depot said sales dropped over the winter. The company is also expecting a slow 2024.

Sales at stores open for at least a year fell 3.5% last quarter. And Home Depot projects sales will continue to decline 1% in 2024.

Home Depot CDEO Ted Decker said 2023 was a year of moderation.

Demand for home improvement has fallen with high mortgage rates and a slowdown in new home construction.

Also many consumers have shifted their spending from physical goods to experiences such as travel and concerts.