in the most recent quarter. Same-store sales dropped 1.6% while revenue came in at $24.9 billion, slightly less than estimates, in the second quarter.
"Whenever that DIY customer becomes cautious, specifically on big-ticket [items], it disproportionately affects us," Ellison said at the conference.
However, Ellison said the shift in consumer behavior is a "short-term phenomenon" that will eventually lead to normalized demand.
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US holiday sales set for slowest year since 2018 as consumers turn frugalHoliday sales in the United States are estimated to grow at their slowest pace in five years, according to a report released on Wednesday, as dwindling household savings and worries over the economy prompt consumers to spend judiciously. Sales across physical stores and online channels are expected to rise by 3.5% to 4.6% between November and January, for a total of $1.54 trillion to $1.56 trillion, according to Deloitte. That compares to a 7.6% increase in 2022, Deloitte said, when high inflation drove up prices for everything from Christmas cardigans and toys to home appliances.
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