Home Depot Inc. said Tuesday the home-improvement market could weaken this year, if consumer spending keeps shifting toward services from goods, and if inflation continues to affect demand.
The home-improvement giant HD expects fiscal 2023 net sales and same-store sales to be about flat with last year, however, because it will take market share from its competitors. Chief Financial Officer Richard McPhail said on the post-earnings conference call with analysts that for about the first five quarters postpandemic, the company saw significant growth in the value of the average ticket and number of transactions, because homeowners took on more do-it-yourself projects as they spent more time at home.
Meanwhile, earnings per share for the year are forecast to decline in the “mid-single-digit” percentage range, as a higher expected tax rate and an investment in employee compensation weighs on operating margins. The company also reported before the open fiscal fourth-quarter EPS that topped expectations, net sales that came up a bit shy and same-store sales that surprisingly declined.
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Home Depot Forecasts Earnings Drop This YearHome Depot forecast a drop in profit this year on flat sales as consumer spending declines and cost inflation remains elevated. ...prices have been high at home depot with no real discounts ...switched to Lowes recently and saved a ton Probably because homedepot sucks and people quit shopping there because nobody there knows what the hell they are doing. Maybe it was just me. that’s because the owner of the company is a greedy person and won’t share his profits! The owner made stupid statements, like people don’t want to work anymore, who wants to work for somebody who doesn’t get the bigger picture like him!
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