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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 15, 2023
__________________
THE HOME DEPOT, INC.
(Exact Name of Registrant as Specified in Charter)
 __________________
Delaware 1-8207 95-3261426
(State or Other Jurisdiction
of Incorporation)		    (Commission
File Number)		    (IRS Employer
Identification No.)
2455 Paces Ferry Road, Atlanta, Georgia 30339
(Address of Principal Executive Offices) (Zip Code)
(770) 433-8211
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
  __________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common Stock, $0.05 Par Value Per Share HD New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


 
Item 2.02.     Results of Operations and Financial Condition.
On August 15, 2023, The Home Depot, Inc. (the “Company”) issued a press release, attached as Exhibit 99.1 and incorporated herein by reference, announcing the Company’s financial results for the fiscal quarter ended July 30, 2023.
The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01.     Financial Statements and Exhibits.
 
Exhibit   Description
 
104 The cover page of this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
THE HOME DEPOT, INC.
By: /s/ Richard V. McPhail
Name: Richard V. McPhail
      Title: Executive Vice President and Chief Financial Officer
Date: August 14, 2023
3
EX-99.1 2 hd_exhibit991x7302023.htm EX-99.1 Document

Exhibit 99.1
thdpms5prcntrulemediuma21a.jpg

The Home Depot Announces Second Quarter Fiscal 2023 Results;
Reaffirms Fiscal 2023 Guidance;
Announces $15 Billion Share Repurchase Authorization


ATLANTA, August 15, 2023 -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $42.9 billion for the second quarter of fiscal 2023, a decrease of 2.0% from the second quarter of fiscal 2022. Comparable sales for the second quarter of fiscal 2023 decreased 2.0%, and comparable sales in the U.S. decreased 2.0%.

Net earnings for the second quarter of fiscal 2023 were $4.7 billion, or $4.65 per diluted share, compared with net earnings of $5.2 billion, or $5.05 per diluted share, in the same period of fiscal 2022.

“We were pleased with our performance in the second quarter,” said Ted Decker, chair, president and CEO. “While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories. We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market. Our associates did an outstanding job delivering value and service for our customers throughout the quarter and I would like to thank them for their dedication and hard work.”

Fiscal 2023 Guidance

The company reaffirmed fiscal 2023 guidance:

•Sales and comparable sales to decline between 2% and 5% compared to fiscal 2022
•Operating margin rate to be between 14.3% and 14.0%
•Tax rate of approximately 24.5%
•Interest expense of approximately $1.8 billion
•Diluted earnings-per-share-percent-decline between 7% and 13% compared to fiscal 2022

Share Repurchase Authorization

The board of directors also authorized a new $15 billion share repurchase program effective August 15, 2023, replacing its previous authorization.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.




At the end of the second quarter, the company operated a total of 2,326 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 470,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

###

Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth; comparable sales; the effects of competition; our brand and reputation; implementation of store, interconnected retail, supply chain and technology initiatives; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer credit; the impact of tariffs; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, military conflicts or acts of war, supply chain disruptions, and other business interruptions that could compromise data privacy or disrupt operation of our stores, distribution centers and other facilities, our ability to operate or access communications, financial or banking systems, or supply or delivery of, or demand for, our products or services; our ability to address expectations regarding environmental, social and governance matters and meet related goals; continuation or suspension of share repurchases; net earnings performance; earnings per share; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of international operations; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; store openings and closures; guidance for fiscal 2023 and beyond; financial outlook; and the impact of acquired companies on our organization and the ability to recognize the anticipated benefits of any acquisitions. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 29, 2023 and also as may be described from time to time in future reports we file with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.

For more information, contact:
Financial Community News Media
Isabel Janci Sara Gorman
Vice President of Investor Relations and Treasurer Senior Director of Corporate Communications
770-384-2666 770-384-2852
isabel_janci@homedepot.com sara_gorman@homedepot.com



THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
  Three Months Ended Six Months Ended
in millions, except per share data July 30,
2023		 July 31,
2022		 % Change July 30,
2023		 July 31,
2022		 % Change
Net sales $ 42,916  $ 43,792  (2.0) % $ 80,173  $ 82,700  (3.1) %
Cost of sales 28,759  29,309  (1.9) 53,459  55,072  (2.9)
Gross profit 14,157  14,483  (2.3) 26,714  27,628  (3.3)
Operating expenses:
Selling, general and administrative 6,915  6,657  3.9  13,270  13,267  — 
Depreciation and amortization 653  616  6.0  1,304  1,222  6.7 
Total operating expenses 7,568  7,273  4.1  14,574  14,489  0.6 
Operating income 6,589  7,210  (8.6) 12,140  13,139  (7.6)
Interest and other (income) expense:
Interest income and other, net (41) (2) N/M (74) (5) N/M
Interest expense 469  381  23.1  943  753  25.2 
Interest and other, net 428  379  12.9  869  748  16.2 
Earnings before provision for income taxes
 6,161  6,831  (9.8) 11,271  12,391  (9.0)
Provision for income taxes 1,502  1,658  (9.4) 2,739  2,987  (8.3)
Net earnings $ 4,659  $ 5,173  (9.9) % $ 8,532  $ 9,404  (9.3) %
Basic weighted average common shares 1,000  1,023  (2.2) % 1,005  1,026  (2.0) %
Basic earnings per share $ 4.66  $ 5.06  (7.9) $ 8.49  $ 9.17  (7.4)
Diluted weighted average common shares 1,003  1,025  (2.1) % 1,008  1,030  (2.1) %
Diluted earnings per share $ 4.65  $ 5.05  (7.9) $ 8.46  $ 9.13  (7.3)
Three Months Ended   Six Months Ended
Selected Sales Data (1)
 July 30,
2023		 July 31,
2022		 % Change July 30,
2023		 July 31,
2022		 % Change
Customer transactions (in millions) 459.1  467.4  (1.8) % 850.1  878.1  (3.2) %
Average ticket $ 90.07  $ 90.02  0.1  $ 90.92  $ 90.82  0.1 
Sales per retail square foot
 $ 684.65  $ 700.62  (2.3) $ 638.50  $ 661.27  (3.4)
 —————
(1)Selected Sales Data does not include results for HD Supply.



 





THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
in millions July 30,
2023		 July 31,
2022		 January 29,
2023
Assets
Current assets:
Cash and cash equivalents $ 2,814  $ 1,259  $ 2,757 
Receivables, net 3,836  3,725  3,317 
Merchandise inventories 23,265  26,088  24,886 
Other current assets 1,915  1,869  1,511 
Total current assets 31,830  32,941  32,471 
Net property and equipment 25,879  25,247  25,631 
Operating lease right-of-use assets 7,139  6,132  6,941 
Goodwill 7,664  7,451  7,444 
Other assets 3,875  4,054  3,958 
Total assets $ 76,387  $ 75,825  $ 76,445 
Liabilities and Stockholders' Equity
Current liabilities:
Short-term debt $ —  $ 539  $ — 
Accounts payable 12,104  14,348  11,443 
Accrued salaries and related expenses 2,022  2,204  1,991 
Current installments of long-term debt 1,352  1,218  1,231 
Current operating lease liabilities 1,011  919  945 
Other current liabilities 7,738  8,606  7,500 
Total current liabilities 24,227  27,834  23,110 
Long-term debt, excluding current installments 40,754  39,271  41,962 
Long-term operating lease liabilities 6,376  5,431  6,226 
Other long-term liabilities 3,695  3,052  3,585 
Total liabilities 75,052  75,588  74,883 
Total stockholders’ equity 1,335  237  1,562 
Total liabilities and stockholders’ equity $ 76,387  $ 75,825  $ 76,445 


THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
  Six Months Ended
in millions July 30,
2023		 July 31,
2022
Cash Flows from Operating Activities:
Net earnings $ 8,532  $ 9,404 
Reconciliation of net earnings to net cash provided by operating activities:
Depreciation and amortization 1,588  1,473 
Stock-based compensation expense 215  196 
Changes in working capital 1,774  (3,889)
Changes in deferred income taxes (48) (95)
Other operating activities 144  93 
Net cash provided by operating activities 12,205  7,182 
Cash Flows from Investing Activities:
Capital expenditures (1,697) (1,447)
Payments for businesses acquired, net (215) — 
Other investing activities 10  (14)
Net cash used in investing activities (1,902) (1,461)
Cash Flows from Financing Activities:
Repayments of short-term debt, net —  (496)
Proceeds from long-term debt, net of discounts —  3,957 
Repayments of long-term debt (1,130) (2,366)
Repurchases of common stock (4,954) (3,962)
Proceeds from sales of common stock 175  142 
Cash dividends (4,215) (3,910)
Other financing activities (142) (163)
Net cash used in financing activities (10,266) (6,798)
Change in cash and cash equivalents 37  (1,077)
Effect of exchange rate changes on cash and cash equivalents 20  (7)
Cash and cash equivalents at beginning of year 2,757  2,343 
Cash and cash equivalents at end of year $ 2,814  $ 1,259