Home Depot released its Q4 and full-year 2022 earnings, posting weaker-than-expected results.
The company generated $35.83B in revenue, up 0.3% YoY but below the $35.97B Wall Street was expecting. This is the first time Home Depot has missed revenue expectations since November 2019.
The company reported a net income of $3.36B, or $3.30 a share, up 0.3% YoY.
- Full-year sales were $157.4B, up 4.1% YoY, and same-store sales rose 3.1%.
- Home Depot expects same-store sales to remain flat for the new fiscal year.
- The company announced a 10% increase in its quarterly dividend to $2.09 a share.
- The home improvement retailer plans to spend an additional $1B to increase the pay of its hourly employees.
- The company said its starting wage is at least $15 per hour.
- Home Depot shares were down more than 6% during afternoon trading on Tuesday.
