Home Depot reports fiscal Q4, full-year results

Quarterly sales of $34.8 billion were down 2.9% from same period last year, while full-year sales fell 3% to $152.7 billion

ATLANTA — Home improvement retailer Home Depot reported sales of $34.8 billion for its fiscal fourth quarter ended Jan. 28, down 2.9% from $35.8 billion in the same period last year.

Comparable fiscal fourth-quarter store sales fell 3.5% and comparable store sales in the U.S. decreased 4%, the company said.

Net earnings for the quarter were $2.8 billion, or $2.82 per share, compared with net earnings of $3.4 billion, or $3.30 per share, the same period of fiscal 2022, a decrease of 14.5%.

For the full fiscal year, sales totaled $152.7 billion, down 3% from $157.4 billion in fiscal 2022. Comparable store sales during the year fell 3.2% and comparable store sales in the U.S. decreased 3.5%.

Net earnings for the full fiscal year were $15.1 billion, or $15.11 per share, compared with net earnings of $17.1 billion, or $16.69 per share in fiscal 2022, a 9.5% decrease.

Other highlights of the report were as follows:

+ Operating income for the quarter totaled $4.1 billion, down 12.8% from the $4.8 billion reported the same period last year. For the full year, operating income totaled $21.7 billion, down 9.8% from just over $24 billion reported in fiscal year 2022.

+ The average customer ticket during the quarter was $88.87, down 1.3% from $90.05 the same period last year. For the full fiscal year, the average customer ticket was $90.07, down .3% from $90.36 in fiscal year 2022.

+ Sales per retail square foot averaged $550.50 during the quarter, down 3.6% from $571.15 the same period last year. For the full year, sales per retail square foot totaled $604.55, down 3.6% from $627.17 last year.

“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.”

At the end of the fourth quarter, the company operated a total of 2,335 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. It employs about 465,000 associates. 

Home Depot ranked No. 27 on Home News Now’s 125 Furniture and Bedding Retailers with estimated 2022 furniture and bedding sales of $800 million.

Furniture is an increasingly important category for the home improvement retailer, with a wide selection of upholstery and case goods including bedroom, dining and home office products listed on its website. Customers can order the products on the site and have them delivered to their home or local store for pickup.

Thomas Russell

Home News Now Editor-in-Chief Thomas Russell has covered the furniture industry for 25 years at various daily and weekly consumer and trade publications. He can be reached at tom@homenewsnow.com and at 336-508-4616.

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