On Feb. 21, The Home Depot announced its 2022 fourth-quarter and full-year earnings — along with a note that it plans to raise wages for many of its workers, according to a company news release.
Fourth-quarter sales were $35.8 billion, an increase of $112 million or just 0.3% from 4Q 2021. Comparable sales for 4Q 2022 decreased 0.3%, and comparable sales in the U.S. also decreased 0.3%, the company said.
Net earnings for 4Q 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 a year prior.
For 2022 overall, sales were $157.4 billion, an increase of $6.2 billion, or 4.1% from 2021. Comparable sales for 2022 increased 3.1%, while comparable sales in the U.S. increased 2.9%, the company said.
Net earnings for 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 2021.
“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 of The Home Depot. “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 Home Depot also announced that it will invest in wage, benefits, training and career development for many of its associates. Beginning in the first quarter of 2023, the company plans to invest an approximately $1 billion in annualized compensation for frontline, hourly associates.
“The most important investment we can make is in our people,” Decker said. “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.”
In its 2023 guidance, The Home Depot predicts sales growth and comparable sales growth will be approximately flat compared to 2022.
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