Home Depot (NYSE:HD) reported its Q1 results, with EPS of $3.82 coming in worse than the Street estimate of $3.87. Revenue was $37.3 billion, missing the Street estimate of $38.6 billion.

While certain more transitory factors likely weighed upon topline trends at HD lately, namely unfavorable weather and still moderating lumber prices, comments from management suggest that underlying demand at the company and within the broader space are likely turning softer as well.

The company provided its outlook for fiscal 2023, expecting sales and comparable sales to decline between 2% and 5% year-over-year.