The Home Depot, recognized as the world’s largest home improvement retailer, disclosed its first-quarter fiscal 2024 financial results, reporting sales of $36.4 billion. This represents a decrease of 2.3% from the same period last fiscal year. Comparable sales for the first quarter of fiscal 2024 also witnessed a decline of 2.8%, with U.S. comparable sales decreasing by 3.2%.
Net earnings for the first quarter of fiscal 2024 amounted to $3.6 billion, or $3.63 per diluted share. This contrasts with net earnings of $3.9 billion, or $3.82 per diluted share, recorded during the corresponding period in fiscal 2023.
Ted Decker, Chair, President, and CEO, lauded the team’s performance in the quarter, emphasizing their continued market share growth. Despite challenges such as a delayed start to spring and subdued demand in certain larger discretionary projects, Decker expressed confidence in the company’s store readiness, product assortment, and associate engagement. He expressed gratitude to associates for their unwavering dedication in serving customers and communities.
The company reaffirmed its fiscal 2024 guidance, taking into account 53 weeks of operating results. However, this guidance does not incorporate any impacts from the pending acquisition of SRS Distribution Inc., for which a definitive agreement was entered into in March.
The fiscal 2024 guidance includes expectations such as total sales growth of approximately 1.0%, with the 53rd week projected to contribute approximately $2.3 billion to total sales. Comparable sales are anticipated to decline approximately 1.0% for the 52-week period. The company expects to open approximately 12 new stores and forecasts a gross margin of approximately 33.9% and an operating margin of approximately 14.1%.
Furthermore, The Home Depot will hold a conference call at 9 a.m. ET today to discuss the contents of this news release and other related matters. The call will be available via webcast and replay at ir.homedepot.com/events-and-presentations.
As of the end of the first quarter, The Home Depot operated a total of 2,337 retail stores across various regions, employing approximately 465,000 associates. The company’s stock is traded on the New York Stock Exchange under the ticker symbol HD and is included in both the Dow Jones Industrial Average and the Standard & Poor’s 500 index.
Certain statements in this release are deemed “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements pertain to various aspects such as product demand, net sales growth, comparable sales, competition effects, operational initiatives, economic conditions, market trends, and more. Additionally, the company addresses expectations regarding environmental, social, and governance matters, as well as fiscal performance, acquisitions, and legal and regulatory changes.
