The Home Depot reaffirmed its guidance for fiscal 2023 at its annual investor and analyst conference, the company announced Tuesday.
The home improvement retailer expects sales and comparable sales to fall between 2% and 5% from fiscal 2022, with an operating margin between 14% and 14.4%.
At the conference Tuesday, the company put forth what it called a market stability base case.
"While a lot has changed in the environment and our business since our last Investor and Analyst Conference, our objectives to grow market share and deliver exceptional shareholder value remain unchanged, and our culture and values remain our guideposts," CEO Ted Decker said in a statement.
“While we are the number one home improvement retailer in the world, we have a relatively small share of the market today, and there are significant opportunities in front of us," he added.
The base case involves the home improvement market growing by low single digits, leading to sales growth between 3% and 4% per year and mid-to-high-single-digit diluted EPS growth.
“While we are the number one home improvement retailer in the world, we have a relatively small share of the market today, and there are significant opportunities in front of us," Decker said.
"Once the home improvement market returns to stability, we expect to see sales growth consistent with how our business has performed in the past," chief financial officer Richard said. "While the base case assumes share capture, we are not ruling out a case for even higher growth. In our accelerated growth case, we would expect sales and earnings per share to grow faster than the market stability base case."
Shares of Home Depot were little changed Tuesday afternoon at $300.83.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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