Home Depot Reaffirms FY24 Guidance - Update

(RTTNews) - The Home Depot (HD) reaffirmed its fiscal 2024 guidance, which includes 53 weeks of operating results. The company expects 53-week earnings per share growth of approximately 1.0%. The company noted that the 53rd week is expected to contribute approximately $0.30 of earnings per share. Total sales growth is anticipated at approximately 1.0%, including the 53rd week. The 53rd week is projected to add approximately $2.3 billion to total sales. The guidance does not reflect any impacts from the SRS acquisition. Comparable sales are projected to decline approximately 1.0% for the 52-week period.

Net earnings for the first quarter were $3.6 billion, or $3.63 per share, compared with net earnings of $3.9 billion, or $3.82 per share, in the same period of fiscal 2023.

On average, 28 analysts polled by Thomson Reuters expected the company to report profit per share of $3.60, for the quarter. Analysts' estimates typically exclude special items.

Sales were $36.4 billion for the first quarter, a decrease of 2.3% from the first quarter of prior year. Comparable sales for the first quarter of fiscal 2024 decreased 2.8%, and comparable sales in the U.S. decreased 3.2%. Analysts on average had estimated $36.67 billion in revenue.

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