The Home Depot Announces Fourth Quarter and Fiscal 2024 Results

The Home Depot^®, the world’s largest home improvement retailer, 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 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 152^nd 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

(1)

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). As used above and throughout this earnings release, adjusted operating income, adjusted operating margin, and adjusted diluted earnings per share are non-GAAP financial measures. Refer to the end of this release for an explanation of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.

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About The Home Depot

The Home Depot is the world’s largest home improvement specialty retailer. At the end of the second quarter, the company operated a total of 2,340 retail stores and over 760 branches across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 465,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

Source: The Home Depot, Inc.