Home Depot announces 2023 financial results with net profit of $15.1 billion

It is learned that Home Depot reported that its online sales increased by about 2% year-on-year in the fourth quarter of 2023.

The report shows that Home Depot's sales in the fourth quarter of 2024 fell 2.9% year-on-year to $34.8 billion. At the same time, comparable sales in the quarter also fell 3.5%, especially in the US market, where the decline was as high as 4%.

In addition, Home Depot's net income for the quarter decreased from $3.4 billion to $2.8 billion compared with the same period last year.

Looking back at 2023, Home Depot's full-year sales fell 3%, totaling $152.7 billion, with overall comparable sales falling 3.2% and the U.S. market falling 3.5%.

On the other hand, Home Depot's net income in fiscal 2023 fell to $15.1 billion compared to $17.1 billion in fiscal 2022.

The sales decline was partly due to Home Depot's investments in three acquisitions totaling $1.5 billion.

It is reported that Home Depot added 13 new stores in fiscal 2023, including 8 in the United States and 5 in Mexico, bringing the total number of Home Depot stores worldwide to 2,335.

Campbell, senior executive vice president of Home Depot, further revealed that the company plans to expand in the next five years and is expected to open 80 new stores, of which 12 new stores are planned for fiscal 2024.

Regarding Home Depot's performance in 2023, its president and CEO Ted Decker said: "After three years of extraordinary growth, 2023 is a solid year for us." Decker also mentioned that Home Depot's inventory "exceeded our expectations" when entering 2023.

Editor ✎ Ten degrees/

Disclaimer: This article is copyrighted and may not be reproduced without permission.