The Home Depot, Atlanta, Ga., a home improvement retailer that serves DIY and pro customers, reported sales for its fiscal 2023 first quarter were $37.3 billion, down 4.2% from the prior-year period.
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Net income for the quarter was $3.9 billion, down 7.1% from the prior-year period.
“After a three-year period of unprecedented growth for our sector, during which we grew sales by over $47 billion, we expected that fiscal 2023 would be a year of moderation for the home improvement market,” said Ted Decker, president and CEO. “Our sales for the quarter were below our expectations, primarily driven by lumber deflation and unfavorable weather, particularly in our Western division, as extreme weather in California disproportionately impacted our results.”