Home Depot’s customers have remained resilient despite economic headwinds, CEO says

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Home Depot’s business has remained strong even as turbulent economic conditions are squeezing consumers’ wallets, CEO Ted Decker told TBEN’s Jim Cramer on Friday.

His comments were in response to Cramer questioning him whether he’s seen the same signs of recession FedEx chief Raj Subramaniam warned about on Thursday’s “Mad Money.”

“Our consumer, our customer, pro and DIYer have been resilient,” said Decker.

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The company last month reported earnings and earnings that beat Wall Street’s expectations in its last quarter, citing healthy project backlogs despite a weakening housing market and ongoing inflation.

“Our client is usually high-income. They’re usually homeowners. And guess what, they’re spending more time in that house and that house is aging,” Decker said.

He acknowledged that the seasonal path has softened somewhat, although project activities have remained stable.

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“It’s hard for us – is that a demand signal because of the weather? We had a tough spring,” Decker said. “Or is it a reaction to pricing or an uneasy level with the economy? It’s hard to tease that out.”

However, the chief executive claimed Home Depot remains confident in its trajectory. “We couldn’t be more optimistic,” he said.