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Home Depot (HD) earnings Q2 2023

BusinessHome Depot (HD) earnings Q2 2023


A sign is seen posted on the exterior of a Home Depot store on February 21, 2023 in El Cerrito, California. 

Justin Sullivan | Getty Images

Home Depot topped earnings expectations on Tuesday, but posted a 2% year-over-year sales decline as customers remained remained wary of big purchases and major projects.

It marked the first time in three quarters that the home improvement retailer beat Wall Street’s revenue expectations.

Yet the Atlanta-based home improvement retailer reiterated its forecast for the fiscal year, saying it still expects sales and comparable sales to decline between 2% and 5% compared with the year-ago period. It had lowered the forecast last quarter.

Here’s what the retailer reported for the three-month period that ended July 30 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:

  • Earnings per share: $4.65 vs. $4.45 expected
  • Revenue: $42.92 billion vs. $42.23 billion expected

The company reported fiscal second-quarter net income of $4.66 billion, or $4.65 per share, down from $5.17 billion, or $5.05 per share, a year earlier. Revenue fell year-over-year from $43.79 billion.

Home Depot faces a more challenging sales backdrop, as demand for do-it-yourself projects and contractors normalizes after nearly three years of unusually high demand. The company’s CFO Richard McPhail told investors earlier this year that 2023 would mark a year of moderation, as customers returned to more typical pre-pandemic patterns.

On top of that, the retailer faces a weakening housing market, inflation and consumers’ shift to spending more on services instead of goods.

As of Monday’s close, Home Depot’s shares are up 4% so far this year. That’s trailed behind the nearly 17% gain of the S&P 500. Shares closed at $329.95 on Monday, down less than 1%. 

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