Home Depot Inc.’s string of negative sales extended into a sixth straight quarter as the big-box retailer struggles to overcome a weak housing market and lower demand for big-ticket items.

Same-store sales, which investors use to track performance at locations open for at least a year, fell 2.8 per cent in the company’s fiscal first quarter, a bigger drop than analysts were expecting. The Atlanta-based company was hit by “continued softness in certain larger discretionary projects” and a delayed start to spring, Chief Executive Officer Ted Decker said in a statement Tuesday.

The retailer’s sales have fallen as inflation and high interest rates hamper housing demand. Consumers are also holding off on renovating and changing their homes after rushing to do so during the pandemic, instead prioritizing essentials. 

In a bid to counteract weak consumer demand, Home Depot has been making serious efforts to attract more professional customers. In March, the company said it will buy SRS Distribution Inc., a seller of roofing supplies, for about US$18.25 billion. Home Depot competes with rival Lowe’s Cos. for the lucrative professional market. The company reaffirmed its guidance for fiscal 2024 but said it doesn’t include that acquisition since the deal hasn’t closed.

Total sales including new openings fell 2.3 per cent to $36.4 billion. Same-store sales were worse in the U.S., Home Depot’s main market, where they dropped 3.2 per cent. The company also has stores in Canada and Mexico. Diluted earnings per share declined five per cent year-on-year in the quarter to $3.63.

Home Depot shares were slightly higher in pre-market trading in New York. The stock has declined 1.6 per cent for the year through Monday’s close, trailing the S&P 500 Index’s 9.5 per cent gain.