What’s News in Earnings: Weak Housing Market Weighs on Home Depot and Lowe’s

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  Hey, listeners, it's Thursday, August 20th.

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  I'm Veronica Dagger, personal finance reporter for The Wall Street Journal.

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  And this is What's News in Earnings, our look at some of the biggest themes standing out this earnings season.

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  America's housing market is basically stock.

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  Borrowing costs are high.

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  A lot of people who want to buy are still on the sidelines.

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  And home sales are at a near standstill.

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  That week, market is trickling down to the retailers

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  that people rely on when they want to upgrade their homes before selling them.

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  This week, Home Depot and Lowe's delivered their second quarter results.

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  And it told us that many consumers are still holding back on big projects like renovations.

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  Joining me to break down what these results reveal about consumer spending

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  and the retail landscape is WSJ reporter Sarah Nassauer.

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  Sarah, thanks for coming on.

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  Thanks for having me.

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  So when people aren't moving, they're not as willing to spend money on new kitchen cabinets.

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  How much is the stagnant housing market dragging down revenue for these big box stores?

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  It's been a huge challenge for these home improvement retailers that, you know,

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  really had boom times during the pandemic and now are dealing with this extended

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  period of the stagnant housing market really eating into their ability to grow sales.

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