Home improvement retailer The Home Depot has reported total net sales of $80.17bn in the first half (H1) of fiscal (FY) 2023, down 3.1% from the same period in FY22.

During the period ending 30 July 2023, the retailer’s gross profit declined 3.3% to $26.71bn.

The Home Depot posted an operating income of $12.14bn in H1 FY23, down 7.6% from $13.13bn in the prior year.

Its net earnings for the period also dropped 9.3% to $8.53bn while basic earnings per share (EPS) were $8.49, compared to $9.17 a year ago.

In the second quarter of FY23, the retailer reported sales of $42.91bn, a decrease of 2.0% from the corresponding period in FY22.

Comparable sales for The Home Depot decreased by 2.0% while it dropped 2.0% in the US.

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By GlobalData

The retailer registered net earnings of $4.65bn in Q2 FY23, down 9.9% from $5.17bn in the prior year quarter.

Its diluted EPS was $4.65 over the quarter against $5.05 in Q2 FY22.

For fiscal 2023, the retailer anticipates sales and comparable sales to decline between 2% and 5% compared to FY22 and diluted EPS percent-decline between 7% and 13%.

The Home Depot chair, president and CEO Ted Decker said: “We were pleased with our performance in the second quarter.

“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.”