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New words:
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Removed:
aimed, approved, attempt, automatic, bear, began, carryforward, Club, compensatory, confirmed, counterparty, deceiving, discrete, dollar, Donald, elimination, ESH, exacerbate, exceeded, Extension, extinguishment, foregoing, formatted, Frieson, Geographically, hardship, hedging, herewith, holiday, Hospitality, hotel, hourly, Inline, Interactive, internationally, launched, Linkbase, lock, long, mobility, nonoperating, nonprofit, originate, parcel, participant, predicted, predominant, presence, prevalence, qualitative, ratio, realization, recently, recessionary, relied, retire, roofing, rounding, Sam, schedule, Stay, Taxonomy, transformational, unforeseen, unprecedented, XBRL
Financial report summary
?Management Discussion
- For the purpose of the following discussion, comparable store sales, comparable customer transactions, and comparable average ticket are based upon comparable 52-week periods.
- Net Sales – Net sales decreased 11.0% to $86.4 billion in fiscal 2023. The decrease in total sales was driven by the sale of the Canadian retail business in fiscal 2022, the impact of the 53rd week in fiscal 2022, and a decrease in comparable sales. Prior year sales included $5.0 billion generated by our Canadian retail business, as well as approximately $1.4 billion due to the 53rd week. Comparable sales decreased 4.7% over the same period, driven by a 4.6% decline in comparable customer transactions and 0.1% decline in comparable average ticket. Comparable sales change during each quarter of the fiscal year, as reported, were declines of 4.3% in the first quarter, 1.6% in the second quarter, 7.4% in the third quarter, and 6.2% in the fourth quarter.
- During fiscal 2023, we experienced comparable sales increases in two of 14 product categories: Building Materials and Lawn & Garden. Strength in Building Materials reflects strong demand from Pro customers while Lawn & Garden benefited from seasonal demand in the first half of the year. Our DIY customer categories were impacted by lower DIY discretionary demand, particularly in bigger-ticket items, as consumers continue to navigate the macroeconomic environment. Our lowest comparable sales were in Lumber which were pressured by significant commodity deflation.