Home Depot Reaffirms FY23 Guidance; Board Authorizes $15 Bln Share Repurchase Program

(RTTNews) - The Home Depot (HD) said, for fiscal 2023, the company continues to project: sales and comparable sales to decline between 2% and 5%; operating margin rate to be between 14.3% and 14.0%; and earnings per share percent decline between 7% and 13% compared to fiscal 2022.

Net earnings for the second quarter were $4.7 billion, or $4.65 per share, compared with net earnings of $5.2 billion, or $5.05 per share, a year ago. Analysts on average had expected the company to earn $4.44 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Second quarter sales were $42.9 billion, 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%. Analysts on average had estimated $42.22 billion in revenue.

Ted Decker, CEO, said: "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."

The board of The Home Depot authorized a new $15 billion share repurchase program effective August 15, 2023, replacing its previous authorization.

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