“These trends are consistent with our expectations and reinforced our outlook for our relevant market to be down mid-single digits in the second half of the year with our sales continuing to outpace the market by 100 to 200 basis points.”

In context

“preciation has slowed, but it's still up 35% versus pre-pandemic while rural disposable income has been pressured by persistent inflation and elevated interest rates. But on a positive note, over the past quarter, growth in real disposable income started to improve and realign with long-term trends with growing wages surpassing inflation for the first time in 2 years. Consumer cinema has also improved slightly but remains below pre-pandemic baselines, and inflation concerns linger. However, improvements in sentiment typically must be sustained for a period of time before that translates to consumer spending. As a result, home improvement shoppers remain cautious with their spend, especially big-ticket discretionary purchases and are more focused on smaller repair and maintenance projects. These trends are consistent with our expectations and reinforced our outlook for our relevant market to be down mid-single digits in the second half of the year with our sales continuing to outpace the market by 100 to 200 basis points. Looking ahead, it's encouraging to consider that home improvement projects are typically postponed rather than canceled. And home improvement span as a percentage of home equity is below the historical average, a positive indicator for medium-term demand as consumer sentiment improves. The aging housing stock will also drive remodel and repairs, combined with other favorable trends like millennial household formation aging in place and persistent remote work. All of these factors continue to make us bullish on the mid- to long-term outlook for our industry. In closing, we remain a customer-centric company focused on our daily execution while also ensuring we continue to make the right investments to take share in any macro environment. Our total home strategy is resonating with our Pro an”