In pre-market trade on Tuesday, Home Depot stock (HD:NYE) shares declined after the home improvement retailer offered modest guidance for FY23. The management now anticipates that sales and comparable sales would be flat year-over-year in FY23 and that diluted EPS will decrease by a “mid-single digits” percentage.
The company announced fourth-quarter earnings of $3.30 per share, up from $3.21 per share at the same time of the prior year, and exceeding analysts’ consensus estimate of $3.28 per share.
However, sales climbed by only 0.3% year-over-year to $35.8 billion, falling short of the $35.9 billion forecast by analysts. Moreover, comparable sales decreased by 0.3% annually.
The retailer increased its quarterly dividend by 10% to $2.09 per share, which is equivalent to an annual payout of $8.36 per share. On March 23, 2023, the dividend will be paid to shareholders of record as of March 9, 2023.
Company Profile:
Home Depot, Inc. operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products The company also offers installation services for flooring, cabinets, and cabinet makeovers, countertops, furnaces, and central air systems, and windows.
In addition, it provides tool and equipment rental services. The company primarily serves homeowners; professional renovators/remodelers, general contractors, maintenance professionals, handymen, property managers, building service contractors, and specialty tradesmen, such as electricians, plumbers, and painters. It also sells its products through websites, including homedepot.com; blinds.com, an online site for custom window coverings; and thecompanystore.com, an online site for textiles and décor products.
As of December 31, 2021, the company operated 2,317 stores in the United States. Home Depot, Inc. was incorporated in 1978 and is based in Atlanta, Georgia.
