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See How Big-Box Retailers Performed in 2022

Several home improvement and other big-box retailers shared financials from 2022. See how each performed last year.

The Home Depot

Sales for fiscal 2022 for The Home Depot were $157.4 billion, an increase of $6.2 billion, or 4.1%, from fiscal 2021. Comparable sales for fiscal 2022 increased 3.1%, and comparable sales in the U.S. increased 2.9%.

Net earnings for fiscal 2022 were $17.1 billion, or $16.69 per diluted share, compared with net earnings of $16.4 billion, or $15.53 per diluted share in fiscal 2021. For fiscal year 2022, diluted earnings per share increased 7.5% versus last year.

“Fiscal 2022 was another record year for The Home Depot as our team continued to successfully execute in a challenging and dynamic environment,” says Ted Decker, chair, president and CEO. “Our ability to deliver growth on top of the $40 billion of sales growth achieved over the prior two-year period, while navigating persistent inflation, ongoing global supply chain disruptions and a tight labor market, is a testament to investments we have made in the business, as well as our associates’ relentless focus on our customers. I would like to thank our associates and our many partners for their hard work and dedication to our customers.”

In alignment with its core values, the company will invest in wages, benefits, training and career development for its associates. Beginning in the first quarter of fiscal 2023, The Home Depot will invest an additional approximately $1 billion in annualized compensation for frontline, hourly associates.

“The most important investment we can make is in our people,” Decker says. “We believe this investment will position us favorably in the market, enabling us to attract and retain the level of talent needed to sustain the customer experience we strive to deliver.”


Total revenue for Target in 2022 grew $3 billion to $109 billion, from $106 billion in 2021. Total revenue has grown more than $30 billion since 2019. Comparable sales grew 2.2%, on top of 12.7% in 2021, and comparable traffic grew 2.1%, on top of 12.3% in 2021. All five core merchandise categories delivered unit share growth, on top of strong share performance over the past several years.

“Looking ahead, we’re focused on executing our long-term strategy, including continued differentiation through affordability, assortment, ease and convenience,” says Brian Cornell, chairman and chief executive officer of Target Corp. “At the same time, we’re planning our business cautiously in the near term to ensure we remain agile and responsive to the current operating environment. We’re pleased that we entered the year in a very healthy inventory position, reflecting our conservative approach in discretionary categories and our commitment to reliability in our frequency businesses. As we plan for the year ahead, we will continue to make robust capital investments and pursue efficiency opportunities in support of our long-term growth. We’re proud of the loyalty and trust we’ve built with our guests, and want to thank our team for their ongoing commitment to delivering a truly exceptional and differentiated retail experience.”

Tractor Supply Co.

Net sales for fiscal 2022 for Tractor Supply Co. increased 11.6% to $14.20 billion from $12.73 billion in fiscal 2021. The fiscal year included an extra sales week as part of the Company’s 53-week calendar in 2022, which represented 1.8 percentage points of the 11.6% sales growth. Comparable store sales increased 6.3% versus a 16.9% increase in fiscal 2021.

Gross profit increased 11.1% to $4.97 billion from $4.48 billion in fiscal 2021, and gross margin decreased 17 basis points to 35.0% from 35.2% in fiscal 2021. Operating income increased 9.8% to $1.43 billion compared to $1.31 billion in fiscal 2021. Net income increased 9.2% to $1.09 billion from $997.1 million, and diluted EPS increased 12.8% to $9.71 from $8.61 in fiscal 2021. The benefit of the 53rd week contributed approximately $0.16 to diluted EPS.

During fiscal 2022, the company opened 63 new Tractor Supply stores and nine new Petsense by Tractor Supply stores and closed one Petsense by Tractor Supply store. In October 2022, Tractor Supply acquired 81 stores from Orscheln Farm and Home that will be rebranded to Tractor Supply by the end of 2023.


Total revenue for Walmart for year-end 2022 was $611.3 billion, up 6.7%, negatively affected by $5 billion related to divestitures. Excluding currency, total revenue would have increased 7.4% to $615.1 billion. Walmart U.S. comp sales increased 6.6% and 13.0% on a two-year stack. Walmart U.S. e-commerce sales grew 12% and 23% on a two-year stack.

The company generated $29.1 billion in operating cash flow and returned $16 billion to shareholders through dividends and share repurchases.


For the full year 2022, PPG net sales from continuing operations were approximately $17.7 billion, up about 5% versus the prior year. Organic sales were higher by 8%, driven by higher selling prices. Net income in 2022 decreased versus 2021 due to raw material cost inflation, lower sales volumes, unfavorable foreign-currency translation and higher manufacturing costs related to supply and labor disruptions, partially offset by higher selling prices, restructuring cost savings and acquisition-related synergies.

In 2022, the company paid $570 million in dividends. Capital expenditures totaled about $520 million, which was higher than the prior year due to more normalized spending. The company had about $1 billion remaining on its current share repurchase authorization at the end of 2022.

“Looking ahead, we remain highly focused on building further momentum to restore margins in line with our historical profile,” says Tim Knavish, PPG president and chief executive officer. “In the first quarter, we will continue to prioritize supporting our customers through superior service and products, executing our cost-savings initiatives, and optimizing inventory. We expect the overall demand environment to remain consistent sequentially with the fourth quarter with soft economic activity remaining in Europe and China. However, as the year progresses, we anticipate several positive catalysts that will enable earnings improvement, including certain PPG commercial initiatives with our valued customers and the continued rebound in demand for our technology-advantaged aerospace products. Other catalysts include moderating raw material costs, coatings demand stabilization in Europe beginning in the second quarter, and strong economic recovery in China as the pandemic reopening progresses. Finally, with fewer supply chain disruptions we expect ample commodity raw material availability and improved manufacturing efficiencies. Lastly, I am looking forward to leading PPG in my new role and want to thank our customers for selecting PPG as their supplier of choice, our shareholders for their confidence, and our global employees who demonstrate The PPG Way by making it happen every day.”


Sales for Sherwin-Williams were up 11.1%, from $19.9 million in 2021 to $22.1 million in 2022. Gross profit also increased 9.2%, from $8.5 million in 2021 to $9.3 million in 2022. Reported EPS for 2021 was $6.98, which jumped 10.6% to $7.72 in 2022.

“Our more than 61,000 employees delivered these results in another year of difficult operating conditions, including relentless cost inflation, less than optimal raw material availability, slowing economies, a war in Europe and COVID lockdowns in China. We refused to be deterred by these challenges and continued to do what we do best—serve our customers,” says chairman and chief executive officer, John G. Morikis. “Looking at our reportable segment performance in 2022, The Americas Group delivered double-digit sales growth in all customer segments, including the seventh consecutive year of double-digit growth in residential repaint. Consumer Brands Group faced extremely difficult conditions in Europe and Asia that impacted sales but continued to take actions that will drive enhanced future profitability. In Performance Coatings Group, sales increased in nearly all business units, and adjusted segment margin improved 250 basis points year-over-year.”

About Lindsey Thompson

Lindsey joined the NHPA staff in 2021 as an associate editor for Hardware Retailing magazine. A native of Ohio, Lindsey earned a B.S. in journalism and minors in business and sociology from Ohio University. She loves spending time with her husband, two kids, two cats and one dog, as well as doing DIY projects around the house, going to concerts, boating and cheering on the Cleveland Indians.

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