The Home Depot operated 2,333 retail stores across different locations, including all 50 US states at the end of Q3 2023. Credit: Mike Mozart/Flickr(Creative Commons).

The Home Depot has reported net earnings of $3.81bn in the third quarter (Q3) of fiscal year (FY) 2023.

This is a decrease of 12.2% from $4.33bn in the same quarter a year ago.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Basic and diluted earnings per share (EPS) for the reported quarter, which ended on 29 October 2023, stood at $3.83 and $3.81, respectively.

Net sales declined by 3% to $37.71bn in Q3 FY23 from $38.87bn registered during the same quarter last year.

The home improvement retailer said its comparable sales for Q3 dropped 3.1%, while comparable sales in the US fell 3.5%.

See Also:

In Q3 2023, operating income totalled $5.40bn, representing a decrease of 12.1% from $6.14bn in Q3 2022.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Gross profit in the current year’s Q3 was down by 3.7% to $12.73bn from $13.22bn a year ago.

The Home Depot chair, president and CEO Ted Decker said: “Our quarterly performance was in line with our expectations.

“Similar to the second quarter, we saw continued customer engagement with smaller projects and experienced pressure in certain big-ticket, discretionary categories. We remain very excited about our strategic initiatives and are committed to investing in business to deliver the best interconnected shopping experience, capture wallet share with the Pro and grow our store footprint.

“In addition, our associates did an outstanding job delivering value and service for our customers throughout quarter and I would like to thank them for their dedication and hard work.”

For the full year of 2023, the retailer has estimated that its sales and comparable sales will decline between 3% and 4% compared to FY22.

The company expects its operating margin rate to range between 14.2% and 14.1% for the complete FY23.

The Home Depot ended the quarter with as many as 2,333 retail stores across all 50 states in the US, as well as in the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, Mexico and ten Canadian provinces.