The home depot fourth quarter and fiscal 2023 results

by | Feb 26, 2024

The World’s largest home improvement retailer, The Home Depot has reported it fourth quarter and fiscal 2023 results.

Sales for the fourth quarter of fiscal 2023 were $34.8 billion, which is a decrease of 2.9 per cent from the fourth quarter of fiscal 2022. Comparable sales for the fourth quarter of fiscal 2023 also decreased by 3.5 per cent, and comparable sales in the U.S. decreased by 4.0 per cent.

Net earnings for the fourth quarter of fiscal 2023 were $2.8 billion, or $2.82 per diluted share, compared with net earnings of $3.4 billion, or $3.30 per diluted share, in the same period of fiscal 2022. For the fourth quarter of fiscal 2023, diluted earnings per share decreased 14.5 per cent from the same period in the prior year.

Sales for fiscal 2023 also saw a decline at $152.7 billion, a decrease of 3.0 per cent from fiscal 2022. Comparable sales for fiscal 2023 decreased 3.2 per cent, and comparable sales in the U.S. decreased 3.5 per cent.

The net earnings for fiscal 2023 were $15.1 billion, or $15.11 per diluted share, compared with net earnings of $17.1 billion, or $16.69 per diluted share in fiscal 2022. For fiscal 2023, diluted earnings per share decreased 9.5 per cent versus the previous year.

However, the company also announced that its Board of Directors approved a 7.7 per cent increase in its quarterly dividend to $2.25 per share, which equates to an annual dividend of $9.00 per share. The dividend is payable on March 21, 2024, to shareholders of record on the close of business on March 7, 2024. This is the 148th consecutive quarter The Home Depot has paid a cash dividend.

“After three years of exceptional growth for our business, 2023 was a year of moderation,” said Ted Decker, Chair, President, and Chief Executive Officer.

“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,” Mr Decker said.