The Home Depot Announces Q1 Results
Sales drop 2.3% from Q1 of 2023.
The Home Depot®, the world's largest home improvement retailer, today reported sales of $36.4 billion for the first quarter of fiscal 2024, a decrease of 2.3% from the first quarter of fiscal 2023. Comparable sales for the first quarter of fiscal 2024 decreased 2.8%, and comparable sales in the U.S. decreased 3.2%.
Net earnings for the first quarter of fiscal 2024 were $3.6 billion, or $3.63 per diluted share, compared with net earnings of $3.9 billion, or $3.82 per diluted share, in the same period of fiscal 2023.
"The team executed at a high level in the quarter, and we continued to grow market share," said Ted Decker, chair, president and CEO. "And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement.
"Our associates are energized and ready to serve our customers as spring breaks across the country. I would like to thank them for their continued hard work and dedication to serving our customers and communities."
Fiscal 2024 Guidance
The company reaffirms its fiscal 2024 guidance, which includes 53 weeks of operating results. In addition, in March, the Company entered into a definitive agreement to acquire SRS Distribution Inc. (SRS). Since the acquisition has not closed, the following guidance does not reflect any impacts from the SRS acquisition:
- Total sales growth of approximately 1.0%, including the 53rd week
- 53rd week projected to add approximately $2.3 billion to total sales
- Comparable sales to decline approximately 1.0% for the 52-week period
- Approximately 12 new stores
- Gross margin of approximately 33.9%
- Operating margin of approximately 14.1%
- Tax rate of approximately 24.5%
- Net interest expense of approximately $1.8 billion
- 53-week diluted earnings-per-share-percent growth of approximately 1.0%
- 53rd week expected to contribute approximately $0.30 of diluted earnings per share
CONTRACTOR SUPPLY MAGAZINE
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