Home Depot’s Q2 results down as large-ticket sales slip

The Home Depot reported sales this morning of $42.9 billion for the second quarter of fiscal 2023. That number is down two percent from Q2 2022. Comparable sales for the were likewise down two percent. Net earnings slipped as well, to $4.7 billion from $5.2 billion, a drop of about 10 percent.

Sales of smaller projects continued to grow during the second quarter, but there remained “continued pressure in certain big-ticket, discretionary categories.” Home Depot reaffirmed its forecast of an overall sales dip of between two and five percent for fiscal 2023.