Home Depot's sales have gotten hit by economic factors, as higher interest rates slow housing turnover and more than two years of high inflation makes homeowners less willing to spring for discretionary purchases and do-it-yourself projects. The company had cut its full-year forecast for comparable sales in August, citing consumer uncertainty.

Home Depot shares were modestly lower by midday Tuesday after its third-quarter results came in above estimates and the retailer also lifted fiscal 2024 sales projections.

Home Depot raised guidance after sales came in higher than expected in the third quarter as weather around the country normalized and demand rose for certain home projects.