Home Depot (HD) reported its first quarter earnings, missing revenue estimates for the quarter. The company also witnessed a decline in same-store sales as DIY projects became less frequent, with consumers pulling back on spending. Former Home Depot CEO Bob Nardelli joins Catalysts to discuss the report.

Despite the miss, Nardelli believes Home Depot had "a strong quarter," stating that the company is "very well positioned, they're well-run, they're organized, and I think they have a terrific product offering across the board."

Nardelli attributes the consumer pullback on big-ticket discretionary items to "challenges we're facing in the economy." He notes that consumers are not necessarily spending less money; however, they are getting less volume due to higher prices, creating the perception of a pullback.

"On the news you keep hearing 'well, the consumer is strong; they're still spending,'" Nardelli tells Yahoo Finance. "Are they spending more because of the volume they're buying, or are they really spending more due to inflation?"

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This post was written by Angel Smith