USA - The Home Depot, the world's largest home improvement retailer, today reported sales of USD 37.3 billion for the first quarter of fiscal 2023, a decrease of 4.2% from the first quarter of fiscal 2022.

Comparable sales for the first quarter of fiscal 2023 decreased 4.5%, and comparable sales in the U.S. decreased 4.6%.

“After a three-year period of unprecedented growth for our sector, during which we grew sales by over USD 47 billion, we expected that fiscal 2023 would be a year of moderation for the home improvement market,” said CEO Ted Decker.

"Given the negative impact to first quarter sales from lumber deflation and weather, further softening of demand relative to our expectations, and continued uncertainty regarding consumer demand, we are updating our guidance to reflect a range of potential outcomes," said Richard McPhail, executive vice president and chief financial officer.

The company is expecting sales and comparable sales to decline between 2% and 5% compared to fiscal 2022.