Home Depot (HD) has reported better-than-expected financial results for the fourth and final quarter of 2023.
The home improvement retailer announced earnings per share (EPS) of $2.82 U.S. versus $2.77 U.S. that was forecast on Wall Street.
Revenue in Q4 of last year totaled $34.79 billion U.S. compared to $34.64 billion U.S, that was expected among analysts. The company’s sales declined nearly 3% year-over-year.
Home Depot has faced a difficult operating environment over the past year as demand for home improvement projects cooled coming out of the Covid-19 pandemic.
The company has also struggled with a pullback in consumer spending, particularly on big-ticket items, due to inflation and high interest rates.
Looking ahead, Home Depot said that it expects sales to grow about 1% in 2024. That compares with a 1.6% increase forecast on Wall Street.
The retailer added that it expects to open about a dozen new stores this year.
Home Depot’s stock fell 4% on news of its latest earnings.
Prior to today (Feb. 20), the company’s stock had risen 23% over the past 12 months to trade at $362.35 U.S. per share.
