The Home Depot, Inc. (NYSE: ), the world’s largest home improvement retailer, announced its , providing a comprehensive view of its financial performance and future outlook.The Home Depot reported sales of $34.8 billion for the fourth quarter of fiscal 2023, marking a 2.9% decrease from the same period in the previous year. Comparable sales also declined, with a 3.5% decrease overall and a 4.0% decrease in the U.S..
Net earnings for the quarter stood at $2.8 billion, or $2.82 per diluted share, which is a decrease of 14.5% in diluted earnings per share from the fourth quarter of fiscal 2022. These figures reflect a challenging quarter for the retailer amidst a broader economic context of moderation following three years of exceptional growth.
Home Depot Reports Decline in Q4 Sales, Still Beats EPS and Revenue ExpectationsAnalysts had projected earnings per share () of $2.77 and revenue of $34.64 billion for the quarter. The company slightly exceeded revenue expectations with its $34.8 billion in sales and surpassed EPS estimates with earnings of $2.82 per share. Despite the overall decline in sales and earnings compared to the prior year, The Home Depot outperformed market expectations, showcasing its resilience in a challenging retail environment.
GuidanceLooking ahead, The Home Depot has provided guidance for fiscal 2024, a year that will include 53 weeks of operating results. The company expects total sales growth of approximately 1.0%, including the impact of the 53rd week, which is projected to add about $2.3 billion to total sales. Comparable sales are expected to decline by approximately 1.0% for the 52-week period.
The guidance reflects cautious optimism, with expectations of moderate growth and the opening of approximately 12 new stores. The Home Depot’s focus remains on strategic investments to enhance the interconnected customer experience and expand its professional customer base. More By This Author:Walmart Surpasses Expectations With Strong Quarterly Growth And Strategic Acquisitions Three Wide-Moat Stocks Worth Buying In 2024JPMorgan Analysts Upbeat: S&P 500 Target Raised To 5,200 For 2024
