Home Depot’s business has remained strong even as turbulent economic conditions pinch consumers’ wallets, CEO Ted Decker told CNBC’s Jim Cramer on Friday.
His comments were in response to Cramer questioning him about whether he has seen the same signs of recession that FedEx CEO Raj Subramaniam warned of on Thursday’s “Mad Money.”
“Our consumer, our customer, pro and DIY have been resilient,” Decker said.
The company last month reported earnings and revenue that beat Wall Street expectations in its latest quarter and cited healthy project backlogs despite a weakening housing market and persistent inflation.
“Our customer tends to have strong income. They tend to be homeowners. And guess what, they’re spending more time in that home, and that home’s aging,” Decker said.
He acknowledged that the seasonal aisle has seen some softness, even though the project business has held steady.
“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 uncomfort level with the economy? It’s hard to tease that out.”
However, the chief executive maintained that Home Depot remains confident about its trajectory. “We couldn’t be more bullish,” he said.
