Sales down 3 per cent in the third quarter 

Home Depot corrects fiscal guidance range for 2023

(Source: Archive)

The Home Depot, the world's largest home improvement retailer, reported its sales of USD 37.7 bn for the third quarter of fiscal 2023, a decrease of 3.0 per cent from the third quarter of fiscal 2022. Comparable sales for the third quarter of fiscal 2023 decreased 3.1 per cent, and comparable sales in the U.S. decreased 3.5 per cent. Net earnings for the third quarter of fiscal 2023 were USD 3.8 bn, compared with net earnings of USD 4.3 bn in the same period of fiscal 2022.

"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."

Additionally, the company narrowed its prior fiscal 2023 guidance range. Sales and comparable sales are predicted to decline between 3 and 4 per cent compared to fiscal 2022, with the operating margin rate to be between 14.2 and 14.1 per cent.

At the end of the third quarter, the company operated a total of 2,333 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, ten Canadian provinces and Mexico.

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