Home Depot sales down again
The Home Depot (HD), based in Atlanta, reported lower Q3 sales and profits.
“Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” said Ted Decker, chair, president and CEO.
“Lumber, copper and wire deflation negatively impacted the quarter,” added the CEO in a company earnings conference call this morning.
The company reported sales of $37.7 billion for the third quarter of fiscal 2023, a decrease of 3.0% from $38.9 billion in the third quarter of fiscal 2022. Comparable sales for the third quarter of fiscal 2023 decreased 3.1%, and comparable sales in the U.S. decreased 3.5%.
Net earnings for the third quarter of fiscal 2023 were $3.8 billion, or $3.81 per diluted share, compared with net earnings of $4.3 billion, or $4.24 per diluted share, in the same period of fiscal 2022, said the retailer.
The Bottom Line: Home Depot sales for the third quarter decreased 3% company-wide.
What the CEO said: “We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the pro, and grow our store footprint,” said Decker.
At the end of the third quarter, the company operated a total of 2,333 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 employs approximately 470,000 associates.
Company info: Click HERE to read the Q3 2023 full financial report from Home Depot.
