The Home Depot (NYSE: HD) reported its second quarter 2024 earnings results today.
Sales of $43.2 billion inched up 0.6% from the same period last year. Comparable sales decreased 3.3%.
Net earnings were $4.6 billion, or $4.60 per share, compared to $4.7 billion, or $4.65 per share, last year. Adjusted EPS was $4.67.
Revenue and earnings beat expectations.
Home Depot updated its fiscal year 2024 guidance, which includes 53 weeks of operating results, to reflect the performance in the first half of 2024 and include the SRS Distribution acquisition.
The company now expects total sales to increase between 2.5-3.5%, including the 53rd week. The 53rd week is projected to add approx. $2.3 billion to total sales and SRS is expected to contribute around $6.4 billion in incremental sales.
Comparable sales are expected to decline between 3-4% for the 52-week period compared to fiscal year 2023.
GAAP EPS for the 53-week period is projected to decline 2-4%. The 53rd week is expected to contribute approx. $0.30 of diluted EPS compared to FY2023.
Adjusted EPS for the 53-week period is expected to decline 1-3%, with the 53rd week expected to contribute around $0.30 of adjusted EPS compared to last year.
The stock dropped over 3% in premarket hours on Tuesday.