Home Depot affirmed its full-year growth outlook for adjusted earnings per share to decline approximately 2%, for total sales to increase by about 2.8% and for comparable-sales growth of about 1%. Home Depot expects to open approximately 13 new stores during the year, in line with its prior guidance.

Visits to the home improvement chain were down 2.2 per cent in the second quarter, after a 3.9 per cent drop in the first quarter, according to foot traffic data from firm Placer.ai.

As homeowners opt to stay put longer, spending has shifted toward smaller repair projects and maintenance, dampening sales of big-ticket renovation products.

“As the largest improvement player, Home Depot is getting the lion’s share of this growth and remains the number one destination for consumers due to strong customer service, a comprehensive range, a...