Home Depot reported quarterly results on Tuesday, beating Wall Street expectations in earnings and revenue despite a nearly 3 percent year-over-year drop in sales.。

Richard McPhail, Home Depot's chief financial officer, said in a telephone interview with CNBC that consumers are gradually returning to a more typical buying pattern, which has led to a decline in demand throughout the year.。He added that falling lumber prices and rising interest rates had had an impact on business.。

McPhail said Home Depot now sees an opportunity for growth to return, noting: "Our market is gradually returning to normal demand levels.。He also said that although it has not yet fully recovered to the previous level, the pressure facing 2023 is easing.。

According to Home Depot, they expect total sales to rise about 1 percent in fiscal 2024, including an additional week.。However, according to StreetAccount, Wall Street expects a growth rate of 1.6%。Home Depot, meanwhile, said comparable sales would have fallen about 1 percent if the extra week had not been factored in.。

In addition, Home Depot plans to open about a dozen new stores this year.。