{"id":194851,"date":"2023-08-15T09:30:00","date_gmt":"2023-08-15T13:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=194851"},"modified":"2023-08-15T11:08:13","modified_gmt":"2023-08-15T15:08:13","slug":"home-depots-q2-performance-revenue-dip-new-stock-buyback-and-more","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/home-depots-q2-performance-revenue-dip-new-stock-buyback-and-more\/","title":{"rendered":"Home Depot’s Q2 Performance: Revenue Dip, New Stock Buyback And More"},"content":{"rendered":"\n

Home improvement retailer Home Depot Inc<\/strong> reported a second-quarter FY23 sales decline of 2%<\/a> year-on-year to $42.92 billion, beating the analyst consensus of $42.25 billion.<\/p>\n\n\n\n

Customer transactions for the quarter fell by 1.8%. Comparable sales decreased by 2%, and comparable sales in the U.S. dropped by 2%.<\/p>\n\n\n\n

Gross profit declined 2.3% Y\/Y to $14.2 billion. The operating margin was 15.3%, and operating income for the quarter fell 8.6% to $6.6 billion. Operating expenses increased 4.1% Y\/Y to $7.6 billion.<\/p>\n\n\n\n

EPS of $4.65 beat the analyst consensus <\/a>of $4.46. The average ticket in Q2 was $90.07, a 0.1% growth, and sales per retail square foot declined 2.3% to $684.65.<\/p>\n\n\n\n

The company held $2.8 billion in cash and equivalents as of July 30, 2023. Operating cash flow for six months totaled $12.2 billion, up from $7.2 billion in the prior year\u2019s quarter.<\/p>\n\n\n\n

Buyback<\/strong>: <\/h2>\n\n\n\n

The board of directors also authorized a new $15 billion share repurchase program effective August 15, 2023, replacing its previous authorization.<\/p>\n\n\n\n

\u201cWhile there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories. We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market,\u201d said chair, president, and CEO Ted Decker.<\/p>\n\n\n\n

FY23 Outlook, Reaffirmed<\/strong>: <\/h2>\n\n\n\n

Home Depot sees sales and comparable sales decline of 2% – 5% (representing sales of $149.533 billion-$154.255 billion) vs. the $152.28 billion estimate. <\/p>\n\n\n\n

It forecasts an EPS decline of 7% – 13% versus last year (representing $14.52-$15.52) compared to analyst consensus of $14.96. <\/p>\n\n\n\n

It anticipates an operating margin of 14.3% – 14%.<\/p>\n\n\n\n

Price Action<\/strong>: <\/h2>\n\n\n\n

HD shares are trading lower by 0.62% at $327.92 in premarket on the last check Tuesday.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted August 15, 2023 – Home Depot’s Q2 Performance: Revenue Dip, New Stock Buyback And More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Home improvement retailer Home Depot Inc reported a second-quarter FY23 sales decline of 2% year-on-year to $42.92 billion.<\/p>\n","protected":false},"author":1225,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[267,1289,215],"contributors-categories":[13584],"class_list":{"0":"post-194851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-north-america","7":"category-region","8":"category-securities","9":"category-stocks","10":"category-text-articles","11":"category-traders-insight","12":"tag-earnings","13":"tag-home-depot","14":"tag-stock-buyback","15":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nHome Depot’s Q2 Performance: Revenue Dip, New Stock Buyback And More<\/title>\n<meta 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