Home Depot full year sales lower
The Home Depot (HD), based in Atlanta, reported lower full year and Q4 sales and profits.
Sales for fiscal 2023 were $152.7 billion, a decrease of 3.0% from fiscal 2022. Comparable sales for fiscal 2023 decreased 3.2%, and comparable sales in the U.S. decreased 3.5%.
Net earnings for fiscal 2023 were $15.1 billion, or $15.11 per diluted share, compared with net earnings of $17.1 billion, or $16.69 per diluted share in fiscal 2022. For fiscal 2023, diluted earnings per share decreased 9.5% versus last year.
“After three years of exceptional growth for our business, 2023 was a year of moderation,” said Ted Decker, chair, president and CEO.
The company reported that sales for Q4 of fiscal 2023 were $34.8 billion, a decrease of 2.9% from the fourth quarter of fiscal 2022.
Comparable sales for the fourth quarter of fiscal 2023 decreased 3.5%, and comparable sales in the U.S. decreased 4.0%.
Net earnings for the fourth quarter of fiscal 2023 were $2.8 billion, or $2.82 per diluted share, compared with net earnings of $3.4 billion, or $3.30 per diluted share, in the same period of fiscal 2022, said the retailer.
For the fourth quarter of fiscal 2023, diluted earnings per share decreased 14.5% from the same period in the prior year.
The Bottom Line: Home Depot sales for the full year decreased 3% company-wide.
What the CEO said: “During fiscal 2023, we focused on several initiatives to strengthen the business while also staying true to our strategic investments of creating the best interconnected experience, growing our pro wallet share through our unique ecosystem of capabilities, and building new stores,” said Decker.
As for this year, the CEO, in a conference call today said, “we feel very good about our inventory position heading into 2024.” Also, he said they will expand pro resources to, “better manage complex pro orders.”
At the end of the fourth quarter, the company operated a total of 2,335 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company said it employs approximately 465,000 associates.
Company info: Click HERE to read the full year and Q4 2023 financial report from Home Depot.
