Feb. 21, 2023 — The Home Depot, the world’s largest home improvement retailer, today reported fourth quarter and fiscal 2022 results.
Revenue for the fourth quarter of 2022 was $35.83 billion, up 0.3% year-over-year, slightly below expectations of $35.97 billion, earnings per share were $3.3, higher than expectations of $3.28, and net income was $3.36 billion, up 0.3% year-over-year.
The Company today announced that its board of directors approved a 10 percent increase in its quarterly dividend to $2.09 per share, which equates to an annual dividend of $8.36 per share.
Fourth Quarter 2022
Sales for the fourth quarter of fiscal 2022 were $35.8 billion, an increase of $112 million, or 0.3 percent from the fourth quarter of fiscal 2021. Comparable sales for the fourth quarter of fiscal 2022 decreased 0.3 percent, and comparable sales in the U.S. decreased 0.3 percent.
Net earnings for the fourth quarter of fiscal 2022 were $3.4 billion, or $3.30 per diluted share, compared with net earnings of $3.4 billion, or $3.21 per diluted share, in the same period of fiscal 2021. For the fourth quarter of fiscal 2022, diluted earnings per share increased 2.8 percent from the same period in the prior year.
Fiscal 2022
Sales for fiscal 2022 were $157.4 billion, an increase of $6.2 billion, or 4.1 percent, from fiscal 2021. Comparable sales for fiscal 2022 increased 3.1 percent, and comparable sales in the U.S. increased 2.9 percent.
Net earnings for fiscal 2022 were $17.1 billion, or $16.69 per diluted share, compared with net earnings of $16.4 billion, or $15.53 per diluted share in fiscal 2021. For fiscal year 2022, diluted earnings per share increased 7.5 percent versus last year.
Fiscal 2023 Guidance
Sales growth and comparable sales growth to be approximately flat compared to fiscal 2022 , Operating margin rate of approximately 14.5 percent, Diluted earnings-per-share-percent-decline to be mid-single digits.
THE HOME DEPOT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
About THE HOME DEPOT
At the end of the fourth quarter, the company operated a total of 2,322 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 475,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.