Home Depot Q2 Sales Down 2.0% YOY, Earnings Down 9.9%

August 15, 2023, from Floor Focus FloorDaily News

Atlanta, GA, August 15, 2023 – The Home Depot reported Q2 2023 sales of $42.9 billion for the, a decrease of 2.0% from Q2 2022’s $43.8 billion. Comparable sales for Q2 2023 decreased 2.0%, and comparable sales in the U.S. decreased 2.0%.

For the first half of 2023, net sales were $80.2 billion, a decline of 3.1% from sales of $82.7 billion in the first half of 2022.

Net earnings for Q2 2023 were $4.7 billion, a 9.9% decline compared with net earnings of $5.2 billion in the same period of 2022.

For the first half of 2023, earnings were $8.5 billion, a decline of 9.3% compared to $9.4 billion in the same quarter last year.

“We were pleased with our performance in the second quarter,” said Ted Decker, chair, president and CEO. “While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories. We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market.”