Please consider Home Depot's First Quarter Fiscal 2023 Results and 2023 Guidance.

Key Points

Sales were $37.3 billion for the first quarter of fiscal 2023, a decrease of 4.2% from the first quarter of fiscal 2022. 

Comparable sales for the first quarter of fiscal 2023 decreased 4.5%, and comparable sales in the U.S. decreased 4.6%. 

Net earnings for the first quarter of fiscal 2023 were $3.9 billion, or $3.82 per diluted share, compared with net earnings of $4.2 billion, or $4.09 per diluted share, in the same period of fiscal 2022.

"Our sales for the quarter were below our expectations primarily driven by lumber deflation and unfavorable weather, particularly in our Western division as extreme weather in California disproportionately impacted our results," said Ted Decker, chair, president and CEO. 

Guidance Was Even Worse

"Given the negative impact to first quarter sales from lumber deflation and weather, further softening of demand relative to our expectations, and continued uncertainty regarding consumer demand, we are updating our guidance to reflect a range of potential outcomes," said Richard McPhail, executive vice president and chief financial officer. 

Home Depot Fiscal 2023 Guidance

Sales and comparable sales to decline between 2% and 5% compared to fiscal 2022

Operating margin rate to be between 14.3% and 14.0%

Tax rate of approximately 24.5%

Interest expense of approximately $1.8 billion

Diluted earnings-per-share-percent-decline between 7% and 13% compared to fiscal 2022