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The Home Depot Announces Q2 Fiscal 2024 Results and Updates Guidance
ATLANTA, August 13, 2024 - The Home Depot®, the world's largest home improvement retailer, has released its financial results for the second quarter of fiscal 2024. The company reported a modest increase in total sales, alongside a revision of its fiscal 2024 guidance.
Q2 Fiscal 2024 Financial Highlights
The Home Depot's total sales for Q2 2024 reached $43.2 billion, reflecting a 0.6% increase compared to the same quarter in fiscal 2023. This increase includes $1.3 billion from the recent acquisition of SRS Distribution Inc. (SRS), representing approximately six weeks of sales during the quarter. However, comparable sales decreased by 3.3%, with a 3.6% decline in the U.S. market.
Operating Income and Margins
The company reported an operating income of $6.5 billion, slightly lower than the $6.6 billion recorded in Q2 2023. The operating margin stood at 15.1%, compared to 15.4% in the same quarter last year. On an adjusted basis, operating income was $6.6 billion with an adjusted operating margin of 15.3%, reflecting minor changes from the previous year's figures.
Net Earnings and EPS
Net earnings for Q2 2024 were $4.6 billion, or $4.60 per diluted share, showing a slight decrease from the $4.7 billion, or $4.65 per diluted share, recorded in Q2 2023. Adjusted diluted earnings per share were $4.67, nearly unchanged from $4.68 in the same period last year.
CEO's Remarks on Performance
Ted Decker, Chair, President, and CEO of The Home Depot, commented on the company’s performance:
"The underlying long-term fundamentals supporting home improvement demand are strong. During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects. However, the team continued to navigate this unique environment while executing at a high level. I would like to thank our associates for their hard work and dedication to serving our customers and communities."
Updated Fiscal 2024 Guidance
The Home Depot has updated its guidance for fiscal 2024, which includes a 53-week operating period. The key points of the updated guidance are:
Sales Growth
-
Total Sales: Expected to increase between 2.5% and 3.5%, including the 53rd week.
- The 53rd week is projected to contribute approximately $2.3 billion to total sales.
- SRS is expected to add approximately $6.4 billion in incremental sales.
-
Comparable Sales: Anticipated to decline between 3% and 4% for the 52-week period, reflecting a consistent consumer demand environment as seen in the first half of fiscal 2024.
Store Expansion and Margins
- New Stores: Approximately 12 new stores are planned for the year.
- Gross Margin: Estimated to be around 33.5%.
- Operating Margin Rate: Forecasted to be between 13.5% and 13.6%.
- Adjusted Operating Margin Rate: Expected to range from 13.8% to 13.9%.
Earnings and Expenses
- Tax Rate: Projected at approximately 24%.
- Net Interest Expense: Estimated at around $2.2 billion.
- Diluted EPS: 53-week diluted earnings-per-share-percent is expected to decline between 2% and 4%.
- The 53rd week is anticipated to contribute about $0.30 of diluted earnings per share compared to fiscal 2023.
- Adjusted Diluted EPS: 53-week adjusted diluted earnings-per-share is expected to decline between 1% and 3%.
- The 53rd week is also expected to add approximately $0.30 of adjusted diluted earnings per share compared to fiscal 2023.
Source: HD
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