Q3 2024 Home Depot Inc Earnings Call Transcript
Key Points
- The Home Depot Inc (HD) reported a 6.6% increase in sales for the third quarter, reaching $40.2 billion.
- Mexico and Canada posted comps above the company average, with Mexico achieving positive comps.
- The company expanded its delivery capabilities, reaching 90% of the US population with same or next-day delivery.
- The SRS acquisition is on track to deliver $6.4 billion in sales for the approximately seven months of ownership in fiscal 2024.
- The Home Depot Inc (HD) saw positive engagement in seasonal categories and increased online sales by 4% compared to the previous year.
- Comp sales declined 1.3% from the same period last year, with US stores experiencing a 1.2% decline.
- Higher interest rates and macroeconomic uncertainty continue to pressure larger remodeling projects.
- Gross margin decreased by approximately 40 basis points from the previous year, primarily due to the SRS acquisition.
- Big ticket comp transactions over $1,000 were down 6.8% compared to the third quarter of last year.
- The company expects adjusted diluted earnings per share to decline approximately 1% for fiscal 2024.
Greetings and welcome to the Home Depot's third quarter 2024 earnings conference call (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.
Thank you, Christine, and good morning, everyone. Welcome to Home Depot's third quarter 2024 earnings call. Joining us on our call today are Ted Decker, Chair, President and CEO; Ann-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer.
Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. And as a reminder, please limit yourself to one question with one follow-up. If we are unable to get to your question during the call, please call our Investor Relations department at 770-384-2387.
Before I turn the call over to Ted, let me
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