US retailer The Home Depot has reported net earnings of $15.1bn for the fiscal year 2023 (FY23), an 11.5% decrease from $17.1bn reported in FY22. 

Its diluted earnings per share (EPS) for the fiscal year fell by 9.5% to $15.11, down from $16.69 the previous year. 

Net sales also saw a decline of 3.0% to $152.7bn in FY23 from $157.4bn in FY22, and its comparable sales decreased by 3.2%, with a more noticeable 3.5% decrease in the US market. 

The retailer posted a 3.4% decrease in gross profit for FY23, amounting to $50.9bn, compared to $52.7bn the previous year.  

Home Depot chair, president and CEO Ted Decker said: “After three years of exceptional growth for our business, 2023 was a year of moderation. 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.”  

In the fourth quarter of FY23, The Home Depot’s gross profit was $11.5bn, a 3.5% decrease from $11.9bn in the same period of the previous fiscal year.  

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Sales for the quarter ending 28 January 2024 were $34.7bn, down by 2.9% from $35.8bn in Q4 FY22. 

Comparable sales for the quarter decreased 3.5%, with US comparable sales down 4%. 

The retailer’s fourth-quarter net earnings were $2.8bn, a significant 16.7% decline from $3.3bn in the corresponding quarter of the previous year.  

Diluted EPS for the quarter also decreased by 14.5% to $2.82, compared to $3.30 in the fourth quarter of FY22. 

The Home Depot anticipates a total sales growth of approximately 1.0% in FY24, including the impact of an additional 53rd week in the year. This is projected to add $2.3bn to total sales.  

However, comparable sales are expected to decline by approximately 1.0% over the 52-week period.  

The company also plans to open 12 new stores.