Home Depot Sales Down 2.3% YOY in Q1, Earnings Down 7%

Home Depot Sales Down 2.3% YOY in Q1, Earnings Down 7%

Tuesday, May 14, 2024, from Floor Focus FloorDaily News

Atlanta, GA, May 14, 2024 – The Home Depot reported sales of $36.4 billion for Q1 2024, a decrease of 2.3% from Q1 2023’s $37.3 million.

Lower foot traffic and smaller ticket sizes, down 1% and 1.3%, respectively, contributed to a fall in same-store sales, down 2.8%. Comparable sales in the U.S. decreased 3.2%.

Net earnings for Q1 2024 were $3.6 billion, a 7% decline compared with net earnings of $3.9 billion in the same period last year.

“The team executed at a high level in the quarter, and we continued to grow marketshare,” said Ted Decker, chair, president and CEO. “And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement.”

At the end of Q1, the company operated a total of 2,337 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, ten Canadian provinces and Mexico.