Home Depot sales dip, but company says long-term outlook good

ATLANTA — Home Depot on Tuesday announced another quarter of declining sales, but it was a dip that was expected as the company works through what officials called a post-pandemic “settling.”

The retail behemoth reported sales of $42.9 billion for the past three months, down 2.0% from the same quarter during the previous year. Net earnings during the quarter were $4.7 billion, or $4.65 per share, down from $5.2 billion, or $5.05 per share, a year earlier.

“We look at 2023 as a year of moderation after the explosive growth we had in the last few years,” said Ted Decker, chief executive, during a teleconference with analysts and reporters.

Earlier this year, the company projected that its sales this year will be between 2% and 5% of the previous year’s revenue, while earnings per share drop between 7% and 13%. Officials Tuesday reaffirmed that prediction.

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