The Home Depot, the world's largest home improvement retailer, today reported fourth quarter and fiscal 2023 results.

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

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% from the same period in the prior year.

Fiscal 2023

Sales for fiscal 2023 were $152.7 billion, a decrease of 3.0% from fiscal 2022. Comparable sales for fiscal 2023 decreased 3.2%, and comparable sales in the U.S. decreased 3.5%. 

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% versus last year.   

"After three years of exceptional growth for our business, 2023 was a year of moderation," said Ted Decker, chair, president, and CEO. "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." 

Dividend Declaration

The Company today announced that its board of directors approved a 7.7% 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 148^th consecutive quarter the Company has paid a cash dividend. 

Fiscal 2024 Guidance

The company will have 53 weeks of operating results in fiscal 2024 and provides the following guidance for fiscal 2024:

• Total sales growth of approximately 1.0% including the 53^rd week
  • 53^rd week projected to add approximately $2.3 billion to total sales
• Comparable sales to decline approximately 1.0% for the 52-week period
• Approximately 12 new stores
• Gross margin of approximately 33.9%
• Operating margin of approximately 14.1%
• Tax rate of approximately 24.5%
• Net interest expense of approximately $1.8 billion
• 53-week diluted earnings-per-share-percent growth of approximately 1.0%
  • 53^rd week expected to contribute approximately $0.30 of diluted earnings per share

 The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations