Home Depot, Inc. (NYSE:HD) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET

Company Participants

Isabel Janci - VP, IR & Treasurer

Edward Decker - Chairman, President & CEO

Ann-Marie Campbell - Senior EVP

Chip Devine - SVP, Outside Sales

Richard McPhail - EVP & CFO

William Bastek - EVP, Merchandising

Conference Call Participants

Simeon Gutman - Morgan Stanley

Zachary Fadem - Wells Fargo Securities

Scot Ciccarelli - Truist Securities

Peter Benedict - Robert W. Baird & Co.

Michael Lasser - UBS

Michael Baker - D.A. Davidson & Co.

Christopher Horvers - JPMorgan Chase & Co.

Steven Forbes - Guggenheim Securities

Steven Zaccone - Citigroup

Brian Nagel - Oppenheimer

Dean Rosenblum - Sanford C. Bernstein & Co.

Operator

Greetings and welcome to The Home Depot Third Quarter 2023 Earnings Conference Call. [Operator Instructions].

It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

Isabel Janci

Thank you, Christine, and good morning, everyone. Welcome to The Home Depot's Third Quarter 2023 Earnings Call. Joining us on our call today are Ted Decker, Chair, President and CEO; Ann-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandising; 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 presentation 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.

Edward Decker

Thank you, Isabel, and good morning, everyone. Sales for the third quarter were $37.7 billion, down 3% from the same period last year. Comp sales declined 3.1% from the same period last year and our U.S. stores had negative comps of 3.5%. Diluted earnings per share were $3.81 in the third quarter compared to $4.24 in the third quarter last year.