The Home Depot Reports 2.9% Sales Decrease

The Home Depot, the world's largest home improvement retailer, has reported its fourth quarter and fiscal 2023 results, revealing a 2.9% decrease in sales for the fourth quarter of fiscal 2023 compared to the same period in fiscal 2022. The company's net earnings for the fourth quarter of fiscal 2023 were $2.8 billion, or $2.82 per diluted share, a decrease of 14.5% from the same period in the prior year.

Ted Decker, Chair, President, and CEO of The Home Depot, acknowledged the challenges faced in fiscal 2023, stating, "After three years of exceptional growth for our business, 2023 was a year of moderation." He also expressed optimism about the future, emphasizing the company's strategic focus on creating the best interconnected experience, growing their pro wallet share, and building new stores.

In light of the results, The Home Depot announced a 7.7% increase in its quarterly dividend to $2.25 per share, equating to an annual dividend of $9.00 per share. This marks the 148th consecutive quarter in which the company has paid a cash dividend.

Looking ahead to fiscal 2024, the company provided guidance, forecasting total sales growth of approximately 1.0%, including the impact of the 53rd week. Comparable sales are expected to decline approximately 1.0% for the 52-week period, with approximately 12 new stores planned for the year.

The company's stock traded flat today -0.1% and is currently selling at a price of $362.09.

The full 8-K submission from The Home Depot can be found here.

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