Citing a sharp decline in big project demand, The Home Depot slashed its full-year profit forecast after high mortgage rates and weak weather hit its third-quarter results.

The company said in a recent report that it now expects its annual adjusted profit per share (EPS) to fall by 5%, which is a steeper decline than its previous forecast of a 2% decline. The company also reported that its sales at U.S. stores open for at least one year rose to only 0.2% last quarter.

“We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand,” Home Depot CEO Ted Decker said in a statement.

Home Depot also mentioned that fewer storms and extreme weather events during the third quarter led to weaker demand for roofing materials, ba

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