The Home Depot reported fourth quarter sales reached $35.8 billion, an increase of $112 million, from the fourth quarter of fiscal 2021. Comparable sales for the fourth quarter of fiscal 2022 decreased 0.3 percent, and comparable sales in the U.S. decreased 0.3 percent.
Net earnings for the fourth quarter of fiscal 2022 were $3.4 billion, or $3.30 per diluted share, compared with net earnings of $3.4 billion, or $3.21 per diluted share, in the same period of fiscal 2021. For the fourth quarter of fiscal 2022, diluted earnings per share increased 2.8 percent from the same period in the prior year.
Sales for fiscal 2022 were $157.4 billion, an increase of $6.2 billion, or 4.1 percent, from fiscal 2021. Comparable sales for fiscal 2022 increased 3.1 percent, and comparable sales in the U.S. increased 2.9 percent.
Net earnings for fiscal 2022 were $17.1 billion, or $16.69 per diluted share, compared with net earnings of $16.4 billion, or $15.53 per diluted share in fiscal 2021. For fiscal year 2022, diluted earnings per share increased 7.5 percent versus last year.
“Fiscal 2022 was another record year for The Home Depot as our team continued to successfully execute in a challenging and dynamic environment,” said Ted Decker, chair, president and CEO. “Our ability to deliver growth on top of the $40 billion of sales growth achieved over the prior two-year period, while navigating persistent inflation, ongoing global supply chain disruptions, and a tight labor market, is a testament to investments we have made in the business, as well as our associates’ relentless focus on our customers. I would like to thank our associates and our many partners for their hard work and dedication to our customers.”
The company announced it will invest in wage, benefits, training, and career development for its associates. Beginning in the first quarter of fiscal 2023, The Home Depot will invest an additional approximately $1 billion in annualized compensation for frontline, hourly associates.
“The most important investment we can make is in our people. We believe this investment will position us favorably in the market, enabling us to attract and retain the level of talent needed to sustain the customer experience we strive to deliver,” Decker said.
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