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Apr 28, 2024
Home Depot Q1 2024 Earnings Report
Home Depot's Q1 2024 results saw a decrease in sales and earnings compared to the same period last year, but the company reaffirmed its fiscal year 2024 guidance.
Key Takeaways
Home Depot reported a decrease in sales by 2.3% to $36.4 billion for Q1 2024, with comparable sales declining by 2.8%. Net earnings also decreased to $3.6 billion, or $3.63 per diluted share, compared to $3.9 billion, or $3.82 per diluted share, in Q1 2023. The company reaffirmed its fiscal year 2024 guidance.
Total sales decreased by 2.3% compared to Q1 2023.
Comparable sales decreased by 2.8%.
Net earnings decreased to $3.6 billion, or $3.63 per diluted share.
The company reaffirms its fiscal 2024 guidance.
Forward Guidance
The company reaffirms its fiscal 2024 guidance, which includes 53 weeks of operating results. Total sales growth of approximately 1.0% including the 53rd week. Comparable sales to decline approximately 1.0% for the 52-week period.
Positive Outlook
- 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
- Gross margin of approximately 33.9%
- Operating margin of approximately 14.1%
Challenges Ahead
- 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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