Sector: Consumer Discretionary|Industry: Home Improvement Retail|Market Cap: $425.08B|Employees: 463.1K
Home Depot is the world's largest home improvement retailer, generating revenue primarily through sales of building materials, home improvement products, and lawn and garden products, as well as through various services such as installation and equipment rentals. The company maintains a strong market position due to its extensive network of stores and online presence, along with its low-cost provider status and strong brand recognition. Its stores are located throughout the U.S., Canada, and Mexico.
Net sales for Q1 2024 were $36.4 billion, a decrease of 2.3% from $37.3 billion in Q1 2023. This decrease reflects a negative comparable sales environment, primarily due to lower customer transactions and average ticket, partially offset by new stores and acquisitions from fiscal 2023.
Net earnings were $3.6 billion in Q1 2024, compared to $3.9 billion in Q1 2023. Diluted earnings per share were $3.63 for Q1 2024, down from $3.82 in Q1 2023. This decrease is primarily attributed to lower net earnings.
Gross profit margin was 34.1% for Q1 2024, up from 33.7% in Q1 2023. This increase is mainly due to lower transportation costs and lower shrink.