The Home Depot, Inc. (NYSE:HD) Q2 2023 Earnings Conference Call August 15, 2023 9:00 AM ET

Company Participants

Isabel Janci - Investor Relations

Ted Decker - Chair, President and Chief Executive Officer

Billy Bastek - Executive Vice President, Merchandising

Ann-Marie Campbell - Executive Vice President, U.S. Stores and International Operations

Richard McPhail - Executive Vice President and Chief Financial Officer

Hector Padilla - Executive Vice President, Outside Sales & Service

Conference Call Participants

Christopher Horvers - JPMorgan

Michael Lasser - UBS

Zach Fadem - Wells Fargo

Scot Ciccarelli - Truist

Jackie Sussman - Morgan Stanley

Steven Zaccone - Citi

Chuck Grom - Gordon Haskett

Brian Nagel - Oppenheimer

Michael Baker - D.A. Davidson

Karen Short - Credit Suisse

Steven Forbes - Guggenheim

Operator

Greetings and welcome to The Home Depot Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

Isabel Janci

Thank you, Christie and good morning everyone. Welcome to Home Depot’s second quarter 2023 earnings call. Joining us on our call today are Ted Decker, Chair, President and CEO; Billy Bastek, Executive Vice President of Merchandising; Ann-Marie Campbell, Executive Vice President of U.S. Stores and International Operations; and Richard McPhail, Executive Vice President and Chief Financial Officer. Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. [Operator Instructions] If we are unable to get to your question during the call, please call our Investor Relations department at 770-384-2387.

Before I turn the call over to Ted, let me remind you that today’s press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to the factors identified in the release and in our filings with the Securities and Exchange Commission. Today’s presentations will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

Now, let me turn the call over to Ted.

Ted Decker

Thank you, Isabel and good morning everyone. Sales for the second quarter were $42.9 billion, down 2% from the same period last year. Comp sales for the total company as well as our U.S. stores also declined 2% from the same period last year. Diluted earnings per share were $4.65 in the second quarter compared to $5.05 in the second quarter last year. All three of our U.S. divisions posted low single-digit negative comps in the quarter. Our geographic variability narrowed significantly on a sequential basis as weather normalized, particularly in our Western division and spring-related categories rebounded relative to the first quarter.