HD Earnings Reflect Slowing Housing Market
4Q22 results just out from Home Depot (HD) are finally reflecting the slowdown in the housing market. Comps decreased 0.3% compared to a year ago and HD guided to flat comp growth in 2023. Customer transactions in the quarter were down 6% to 378.5 million. As a result, EPS increased only 3% from a year ago to $3.30 and HD guided 2023 EPS growth to down mid-single digits. HD shares are -4% in the premarket.