The Home Depot reported net earnings of $3.8 billion in the third quarter of 2023, a 12.2% decline compared with the same period last year.
The retail giant’s net sales dropped 3.0% to $37.7 billion. CEO Ted Decker said the results were in line with the company’s expectations.
“Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” Decker said in a statement. “We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro, and grow our store footprint.”
The company’s full financial report can be found here.