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Home Depot announced their Q4 and full-year results for 2023, reporting a small dip in earnings.
The company says that 2023 proved to be a “year of moderation,” following “three years of exceptional growth.”
Home Depot increased their quarterly dividend by 7.7%, bringing it to $2.25 per share per quarter. The stock price is around $360 per share at the time of this posting.
Q4 2023 Sales: $34.8 billion (down 2.9% from Q4 2022)
Q4 2023 Net Earnings: $2.8 billion (down 14.5% from Q4 2022)
2023 Sales: $152.7 billion (down 3.0% from 2022)
2023 Net Earnings: $15.1 billion (down 9.5% from 2022)
Home Depot also announced “approximately 12 new stores,” and a gross margin of 33.8%.
For 2024, Home Depot noted that the fiscal year will have 53 weeks, and that they project total sales growth of approximately 1%, including the 53rd week.
Organizational Changes
While looking at Home Depot’s investor news release portal, I found an October 2023 release that I had missed, with the headline The Home Depot Advances Approach to PRO.
It starts:
The Home Depot today announced changes to align the organization around its largest growth opportunity – enabling its unique ecosystem to serve more pro customers and purchase opportunities.
They named Ann-Marie Campbell as a new senior executive vice president who will “assume responsibility for outside pro sales efforts as well as the company’s installation services business,” and Hector Padilla as an executive vice president of US stores and operations who will “lead the company’s three U.S. operating divisions comprising more than 2,000 U.S. stores.” Padilla will report to Campbell.
Campbell has been at Home Depot for 38 years, and Padilla for 29 years.
The announcement also says that:
Chip Devine, senior vice president of outside sales, will report to Campbell and will continue to drive growth with the complex pro. Tim Wilkerson, senior vice president of home services, will also report to Campbell.
Home Depot adds:
By combining the outside sales and service business with the global store organization, the company is bringing together its full ecosystem of deep expertise with its newest capabilities to serve pro customers – from the core pro customer working on smaller, simpler projects to pros working on larger, more complex projects.
Pro is our biggest growth opportunity, and in order to provide the products and capabilities pros need, we are evolving our organization and approach to better serve them.
It remains unclear what type of impact – if any – this will have for Pro customers.
Lowe’s, Home Depot’s top retail competitor, will announced their Q4 and 2023 financial performance next week, on 2/27/24.
