| The Home Depot®, the world's largest home improvement retailer, today reported sales of $40.2 billion for the third quarter of fiscal 2024, an increase of 6.6% from the third quarter of fiscal 2023. Comparable sales for the third quarter of fiscal 2024 decreased 1.3%, and comparable sales in the U.S. decreased 1.2%. |
| Operating income for the third quarter of fiscal 2024 was $5.4 billion and the operating margin was 13.5%, compared with an operating income of $5.4 billion and an operating margin of 14.3% for the third quarter of fiscal 2023. |
| Adjusted(1) operating income for the third quarter of fiscal 2024 was $5.6 billion and adjusted(1) operating margin was 13.8%, compared with adjusted operating income of $5.5 billion and an adjusted operating margin of 14.5% for the third quarter of fiscal 2023. |
| Net earnings for the third quarter of fiscal 2024 were $3.6 billion, or $3.67 per diluted share, compared with net earnings of $3.8 billion, or $3.81 per diluted share, in the same period of fiscal 2023. |
| Adjusted(1) diluted earnings per share for the third quarter of fiscal 2024 were $3.78, compared with adjusted diluted earnings per share of $3.85 in the same period of fiscal 2023. |
| “While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations,” said Ted Decker, chair, president and CEO. “As weather normalized, we saw better engagement across seasonal goods and certain outdoor projects as well as incremental sales related to hurricane demand. I would like to thank all of our associates for their dedication to serving our customers and communities.” |
| Fiscal 2024 Guidance |
| The company updated its fiscal 2024 guidance, which includes 53 weeks of operating results: |
- Total sales to increase by approximately 4% including SRS and the 53rd week
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- 53rd week is projected to add approximately $2.3 billion to total sales
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- SRS is expected to contribute approximately $6.4 billion in incremental sales
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- Comparable sales to decline approximately 2.5% for the 52 weeks compared to fiscal 2023
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- Approximately 12 new stores
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- Gross margin of approximately 33.5%
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- Operating margin of approximately 13.5%
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- Adjusted(1) operating margin of approximately 13.8%
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- Tax rate of approximately 24%
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- Net interest expense of approximately $2.1 billion
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- 53-week diluted earnings-per-share to decline approximately 2% from $15.11 in fiscal 2023
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- 53rd week expected to contribute approximately $0.30 of diluted earnings per share compared to fiscal 2023
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- 53-week adjusted(1) diluted earnings-per-share to decline approximately 1% from $15.25 in fiscal 2023
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- 53rd week expected to contribute approximately $0.30 of adjusted diluted earnings per share compared to fiscal 2023
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| The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations. |
| At the end of the third quarter, the company operated a total of 2,345 retail stores and over 780 branches across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 465,000 associates. Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index. |
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| The Home Depot |
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