Home Depots Q3 Sales Down 2.9% YOY, Earnings Down 18%

February 20, 2024, from Floor Focus, FloorDaily News

Atlanta, GA February 20, 2024 – The Home Depot reported Q4 2023 sales were $34.8 billion, a decline of 2.9% compared to Q4 2022’s $35.8 billion. Comparable sales for Q4 2023 decreased 3.5%, and comparable sales in the U.S. decreased 4.0%.

Net earnings for Q4 2023 were $2.8 billion, an 18% decline compared with net earnings of $3.4 billion in the same period 2022.

Sales for 2023 were $152.7 billion, a decrease of 3.0% from 2022’s $157.4 billion. 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, a 12% decline compared with net earnings of $17.1 billion in fiscal 2022.

“After three years of exceptional growth for our business, 2023 was a year of moderation,” said Ted Decker, chair, president, and CEO. “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. We remain excited about the future for home improvement and our ability to grow share in our large and fragmented market, which we estimate to be over $950 billion. I also want to thank our associates for their hard work and dedication to serving our customers and communities.”

The company, which increased its annual dividend to $9/share, is forecasting revenue growth of 1% in 2024.