“Additionally, we expect full year interest expense of approximately $1.4 billion, capital expenditures of up to $2 billion and an adjusted effective income tax rate of approximately 25%.”

In context

“s and the gain we reported in Q1. Now turning to our 2023 financial outlook. Given the recent pullback in DIY, bigger ticket discretionary spending and the uncertainty surrounding the macro factors that impact our business, we are updating our full year 2023 financial outlook. With this in mind, we are now forecasting Q4 comp sales to be fairly consistent with Q3 results. Also, the fourth quarter of 2022 included approximately $1.4 billion in sales from the additional 53rd week. We are now expecting 2023 sales of approximately $86 billion with a comparable sales decline of approximately 5%. We also now expect adjusted operating margin of approximately 13.3% and as our ongoing PPI initiatives and disciplined expense management helped to offset volume deleverage pressure from lower sales. Additionally, we expect full year interest expense of approximately $1.4 billion, capital expenditures of up to $2 billion and an adjusted effective income tax rate of approximately 25%. This results in an updated outlook for adjusted diluted earnings per share of approximately $13. Please note that our outlook for operating margin and diluted earnings per share are adjusted to exclude the gain associated with the sale of our Canadian business that we recorded in Q1. Finally, we are reconfirming our capital allocation priorities. We will continue to invest in the business to take market share, target a 35% dividend payout ratio and then return excess cash to shareholders through share repurchase, which will be funded in the near term through free cash flow. And in closing, I'm confident that our continued investments in our Total Home strategy, our strong balance sheet and our ability to effectively manage our business in any environment will allow navigate the near-te”