The Home Depot today reported sales of $37.7 billion for the third quarter of fiscal 2023, a decrease of 3.0% from the third quarter of fiscal 2022. Comparable sales for the third quarter of fiscal 2023 decreased 3.1%, and comparable sales in the U.S. decreased 3.5%. Net earnings for the third quarter of fiscal 2023 were $3.8 billion compared with net earnings of $4.3 billion in the same period of fiscal 2022.
Despite the decreases, company chair, president and CEO Ted Decker says the performance is on par with expectations, attributing the declines to consumers taking on smaller projects and avoiding higher ticket purchases.
“Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” Decker says. “We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro, and grow our store footprint.”
Also noted in the report are year-over-year declines in gross profit (down 3.7%) and customer transactions (down 2.4%). The average ticket for the quarter was $89.36, which was nearly flat year-over-year (down 0.3%).
At the end of the third quarter, the company operated a total of 2,333 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 470,000 associates.