Home Depot posts lower profits

(CNN)– Tuesday, May 19, Home Depot posted a nearly 5% rise in sales in its fiscal year first quarter compared to a year ago.

But profits for the world’s largest home improvement retailer fell from $3.4 billion to $3.3 billion over a year ago.

Home Depot says despite more consumer uncertainty and pressures on the housing market…

Underlying customer demand is close to last year.

The retailer’s chief financial officer tells the Wall Street Journal customers are pulling back on larger renovation projects.

That’s led to soft demand for flooring, lumber, and lighting.