Home Depot earns $36.4 billion in first quarter revenue, but sales are down

ATLANTA — Atlanta-based Home Depot reported their first-quarter earnings for the current fiscal year on Tuesday.

According to the company, the home improvement retailer brought in $36.4 billion in sales for the first three months of the 2024 fiscal year.

However, Home Depot said the sales were down 2.8% compared to the previous year during the same time period.

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Sales in the United States were overall down 3.2%, according to the company.

“The team executed at a high level in the quarter, and we continued to grow market share,” Ted Decker, chair, president and CEO, said in a statement. “And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement. Our associates are energized and ready to serve our customers as spring breaks across the country. I would like to thank them for their continued hard work and dedication to serving our customers and communities.”

As far as net earnings, Home Depot said the first quarter for 2024 earned them $3.6 billion, compared to last year’s $3.9 billion.

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Summarizing the company’s current outlook, Home Depot reported:

• Total sales growth of approximately 1.0% including the 53rd week
• 53rd week projected to add approximately $2.3 billion to total sales
• Comparable sales to decline approximately 1.0% for the 52-week period
• Approximately 12 new stores
• Gross margin of approximately 33.9%
• Operating margin of approximately 14.1%
• Tax rate of approximately 24.5%
• Net interest expense of approximately $1.8 billion
• 53-week diluted earnings-per-share-percent growth of approximately 1.0%
• 53rd week expected to contribute approximately $0.30 of diluted earnings per share

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