ATLANTA — Announcing the financial results from 2023, Atlanta-based Home Depot reported their yearly sales were down 3% from 2022, marking a decrease of roughly $4 billion.
Sales for the 2023 fiscal year were a reported $152.7 billion, which the company said was 3% lower than the previous fiscal year.
In the final quarter of FY2023, sales were down 2.9% at $34.8 billion, compared to the 2022 fourth quarter sale levels.
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Still, the company said in its announcement and earnings release that they were excited about the future of home improvement and their ability to grow their share in a “large and fragmented market.”
Going forward, Home Depot said they expect total sales to grow by 1% over the 2024 fiscal year’s 53-week period.
The company also expects to open 12 new store locations and add $2.3 billion to total sales.
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“After three years of exceptional growth for our business, 2023 was a year of moderation,” Ted Decker, chair, president, and CEO, said.
Describing the previous fiscal year, Decker said the company had focused on several initiatives meant to improve the strength of their business while also remaining true to their previous strategic investments.
“We remain excited about the future for home improvement and our ability to grow share in our large and fragmented market, which we estimate to be over $950 billion. I also want to thank our associates for their hard work and dedication to serving our customers and communities,” Decker added.
Despite the “year of moderation,” Home Depot still reported that the company’s board of directors had approved a 7.7% increase in its quarterly dividend, rising to $2.25 per share, or an annual dividend of $9 per share.
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