The Home Depot Posts Increase In Q4 And Full-Year 2024 Sales

The Home Depot®, the world's largest home improvement retailer, today reported fourth quarter and fiscal 2024 results. 

Fourth Quarter 2024 

Sales for the fourth quarter of fiscal 2024 were $39.7 billion, an increase of $4.9 billion, or 14.1% from the fourth quarter of fiscal 2023. Comparable sales for the fourth quarter of fiscal 2024 increased 0.8%, and comparable sales in the U.S. increased 1.3%. 

The fourth quarter of fiscal 2024 consisted of 14 weeks compared with 13 weeks for the prior year. The 14th week added approximately $2.5 billion in sales for the quarter and the year. The additional week is not included in comparable sales results for the quarter or the year.

Net earnings for the fourth quarter of fiscal 2024 were $3.0 billion, or $3.02 per diluted share, compared with net earnings of $2.8 billion, or $2.82 per diluted share, in the same period of fiscal 2023. The 14th week added approximately $0.30 to diluted earnings per share for the quarter and the year.  

Adjusted(1) diluted earnings per share for the fourth quarter of fiscal 2024 were $3.13, compared with adjusted diluted earnings per share of $2.86 in the same period of fiscal 2023. The 14th week added approximately $0.30 to adjusted diluted earnings per share for the quarter and the year.  

Fiscal 2024 

Sales for fiscal 2024 were $159.5 billion, an increase of $6.8 billion, or 4.5% from fiscal 2023. Comparable sales for fiscal 2024 decreased 1.8%, and comparable sales in the U.S. decreased 1.8%.  

Net earnings for fiscal 2024 were $14.8 billion, or $14.91 per diluted share, compared with net earnings of $15.1 billion, or $15.11 per diluted share in fiscal 2023. 

Adjusted(1) diluted earnings per share for fiscal 2024 were $15.24, compared with adjusted diluted earnings per share of $15.25 in fiscal 2023.

“Our fourth quarter results exceeded our expectations as we saw greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects,” said Ted Decker, chair, president and CEO.  “Throughout the year, we remained steadfast in our investments across our strategic initiatives to position ourselves for continued success, despite uncertain macroeconomic conditions and a higher interest rate environment that impacted home improvement demand. I would like to thank our associates for all that they do to serve our customers and communities.”  

Dividend Declaration 

The company today announced that its board of directors approved a 2.2% increase in its quarterly dividend to $2.30 per share, which equates to an annual dividend of $9.20 per share.

The dividend is payable on March 27, 2025, to shareholders of record on the close of business on March 13, 2025. This is the 152nd consecutive quarter the company has paid a cash dividend.  

Fiscal 2025 Guidance

The company provides the following guidance for fiscal 2025, a 52-week year compared to fiscal 2024, a 53-week year: 

• Total sales growth of approximately 2.8%
• Comparable sales growth of approximately 1.0% for the comparable 52-week period
• Approximately 13 new stores
• Gross margin of approximately 33.4%
• Operating margin of approximately 13.0%
• Adjusted(1) operating margin of approximately 13.4%
• Tax rate of approximately 24.5%
• Net interest expense of approximately $2.2 billion
• Diluted earnings-per-share to decline approximately 3% from $14.91 in fiscal 2024
• Adjusted(1) diluted earnings-per-share to decline approximately 2% from $15.24 in fiscal 2024
• Capital expenditures of approximately 2.5% of total sales

Source : The Home Depot

Image : Rob Wilson / shutterstock / 180692453

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