What impacted Home Depot's net profit decline in Q1 2024?

Home Depot's net profit decline in Q1 2024 was impacted by several key factors:

1. **High Mortgage Rates and Inflation**: These factors led to a 2.3% decrease in sales to $36.42 billion compared to the previous year, marking the third consecutive quarter of declining sales.
2. **Delayed Start to Spring**: This further contributed to the sales slump, as customers postponed larger home improvement projects due to economic uncertainty.
3. **Acquisition-Related Expenses**: The acquisition of SRS Distribution, although beneficial in the long run, added costs and expenses that impacted short-term profitability.
4. **Decrease in Average Ticket and Customer Transactions**: The average ticket value fell to $88.90, down from $90.07 in the previous year, and customer transactions dropped by 1.8%. This reflects reduced consumer spending and fewer purchases per customer.
5. **Macroeconomic Uncertainty**: Broader economic concerns among contractors and homeowners led to a more cautious approach to spending, resulting in lower demand for home improvement projects.

In summary, Home Depot's net profit decline in Q1 2024 was primarily due to high mortgage rates, inflation, and a delayed start to spring, which collectively led to decreased sales and profitability.