Posted August 16, 2023

The Home Depot Reports Q2 Sales Results

Sales of $42.9 billion were down 2% from Q2 2022. 

The Home Depot®, the world's largest home improvement retailer, today reported sales of $42.9 billion for the second quarter of fiscal 2023, a decrease of 2.0% from the second quarter of fiscal 2022. Comparable sales for the second quarter of fiscal 2023 decreased 2.0%, and comparable sales in the U.S. decreased 2.0%.

Net earnings for the second quarter of fiscal 2023 were $4.7 billion, or $4.65 per diluted share, compared with net earnings of $5.2 billion, or $5.05 per diluted share, in the same period of fiscal 2022.

"We were pleased with our performance in the second quarter," said Ted Decker, chair, president and CEO. "While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories. We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market. Our associates did an outstanding job delivering value and service for our customers throughout the quarter, and I would like to thank them for their dedication and hard work."

Fiscal 2023 Guidance

The company reaffirmed fiscal 2023 guidance:

    • Sales and comparable sales to decline between 2% and 5% compared to fiscal 2022
    • Operating margin rate to be between 14.3% and 14.0%
    • Tax rate of approximately 24.5%
    • Interest expense of approximately $1.8 billion
    • Diluted earnings-per-share-percent-decline between 7% and 13% compared to fiscal 2022