Home Depot Sales Down 3% in Q3, Earnings Down 12.2%

November 14, 2023, from Floor Focus FloorDaily News

Atlanta, GA, November 14, 2023 – The Home Depot reported sales of $37.7 billion for Q3 2023, a decrease of 3.0% from Q3 2022. Comparable sales for Q3 2023 decreased 3.1%, and comparable sales in the U.S. decreased 3.5%.

Net earnings for Q3 2023 were $3.8 billion, a decline of 12.2% compared with net earnings of $4.3 billion in the same period of 2022.

For the first nine months of 2023, sales declined 3% year over year, from $121.6 million in Q3 2022 to $117.9 million in Q3 2023.

Net earnings for the first nine months of 2023 were $12.3 million, a 10.2% decline compared to net earnings of $13.7 million in the same period last year.

“Our quarterly performance was in line with our expectations,” said Ted Decker, chair, president and CEO. “Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories. 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.”