Home Depot Raises Outlook as Fewer Customers Spend More

Home Depot boosted its outlook for the year after reporting first-quarter sales rose 3.8%, as fewer shoppers spent much more per shopping trip.

The home-improvement chain said that the average amount spent per transaction rose 11.4% while the number of transactions declined 8.2% in the period, as inflation continues to lift prices across its stores. Same-store sales, which adjusts for store openings and closings, rose 2.2% in the period, including 1.7% in the U.S.