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Oct 27, 2024
Home Depot Q3 2024 Earnings Report
Home Depot's Q3 2024 performance exceeded expectations despite macroeconomic uncertainty, with sales increasing by 6.6% and the company updating its fiscal year guidance.
Key Takeaways
Home Depot reported a 6.6% increase in sales to $40.2 billion for Q3 2024. While comparable sales decreased by 1.3%, the company's performance exceeded expectations due to better engagement across seasonal goods and hurricane demand. The company updated its fiscal 2024 guidance.
Total sales increased by 6.6% to $40.2 billion.
Comparable sales decreased by 1.3%.
Net earnings were $3.6 billion, or $3.67 per diluted share.
The company updated its fiscal 2024 guidance, projecting a total sales increase of approximately 4%.
Forward Guidance
The company updated its fiscal 2024 guidance, which includes 53 weeks of operating results. Total sales are expected to increase approximately 4%, with comparable sales declining approximately 2.5% for the 52-week period.
Positive Outlook
- Total sales to increase approximately 4% including SRS and the 53rd week
- 53rd week projected to add approximately $2.3 billion to total sales
- SRS expected to contribute approximately $6.4 billion in incremental sales
- Gross margin of approximately 33.5%
- Adjusted operating margin of approximately 13.8%
Challenges Ahead
- Comparable sales to decline approximately 2.5% for the 52-week period compared to fiscal 2023
- Operating margin of approximately 13.5%
- Tax rate of approximately 24%
- Net interest expense of approximately $2.1 billion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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