Consumer companies slipped after a sales-slowdown warning from one major retailer and mixed April sales data.
Home Depot expects annual sales to decline for the first time in more than a decade, a signal that consumers are struggling to find room for discretionary items such as redecorating projects. The home-improvement chain forecast a sales drop of between 2% and 5% in fiscal 2023, down from a February estimate of sales in line with a year earlier.
Retail sales rose a seasonally adjusted 0.4% in April from the month before, as an increase in online purchases offset declines in clothing and furniture buying, the Commerce Department said.
Shares of Newell Brands fell, testing a 14-year low after the parent of consumer brands including Sharpie, Paper Mate, Graco and Elmer's slashed its dividend as part of a plan to reform its corporate budget.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-16-23 1722ET
