Home Depot Reports Q2 2024 Sales and Updates Guidance

In its second quarter of fiscal 2024, the company reported total sales of $43.1 billion, bolstered by $1.3 billion from the recent acquisition of SRS Distribution Inc., which contributed approximately six weeks of sales. Operating income for the quarter stood at $6.5 billion, reflecting a slight decrease from $6.6 billion in the same period last year, while the operating margin also dipped from 15.4% to 15.1%. Adjusted operating income and margin showed similar trends, with adjusted operating income at $6.6 billion and an adjusted margin of 15.3%, down from 15.5% in the previous year. Net earnings for the quarter were reported at $4.6 billion, or $4.60 per diluted share, compared to $4.7 billion, or $4.65 per diluted share, in the second quarter of fiscal 2023. Adjusted diluted earnings per share also saw a minor decline, from $4.68 to $4.67. The company noted a 4% decline in comparable sales, indicating potential pressure on consumer demand moving forward. The report included forward-looking statements addressing various factors that could impact future performance, including macroeconomic conditions, competition, and consumer demand. The company emphasized that these statements are subject to numerous risks and uncertainties, many of which are beyond its control. Additionally, the report clarified the use of non-GAAP financial measures, such as adjusted operating income and margin, which exclude certain expenses related to the acquisition of SRS. The company aims to provide a clearer picture of its financial health and operational performance through these metrics.