For the second consecutive quarter, sales and net earnings declined on a year-over-year basis for home-improvement retailer The Home Depot. Sales declined 3.0% to $37.7 billion in the fiscal third quarter while net earrings fell to $3.8 billion from $4.3 billion in the prior-year period.
“Our quarterly performance was in line with our expectations,” chair, president, and CEO Ted Decker said in the company’s quarterly earnings release. “Similar to the second quarter, we experienced pressure in certain big-ticket, discretionary categories. We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the pro, and grow our store footprint.”
During the quarter, Decker said pro customers once again outperformed DIY customers. While surveys suggest that pro backlogs are lower than a year ago, Decker shared on the company’s earnings call that backlogs remain “healthy and elevated relative to historical norms.”
Ann-Marie Campbell, recently appointed as The Home Depot’s senior executive vice president responsible for outside pro sales efforts, said capturing a greater share of the pro customer’s wallet is the largest growth opportunity for the company.
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