ATLANTA — In Atlanta-based Home Depot’s most recent earnings report, the company said sales had exceeded their expectations for the end of 2024 and they saw a $4.9 billion increase in sales.
The company reported a 2.2% quarterly dividend increase.
Company officials said more customers are looking to remodel and perform home improvement projects rather than purchase new homes due to high interest rates.
On top of the changing customer environment, the company said they opened a dozen new stores in the recent fiscal year and planned to open even more going forward.
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“We opened 12 new stores in fiscal 2024 and plan to open 13 in fiscal 2025,” a spokesperson said.
For the whole of FY2024, Home Depot said they made $159.5 billion in sales, a $6.8 billion increase from 2023.
Additionally, “sales for the fourth quarter of fiscal 2024 were $39.7 billion, an increase of $4.9 billion, or 14.1% from the fourth quarter of fiscal 2023.”
“Our fourth quarter results exceeded our expectations as we saw greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects,” Ted Decker, chair, president and CEO of Home Depot said in a statement. “Throughout the year, we remained steadfast in our investments across our strategic initiatives to position ourselves for continued success, despite uncertain macroeconomic conditions and a higher interest rate environment that impacted home improvement demand. I would like to thank our associates for all that they do to serve our customers and communities.”
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GlobalData Retail analyst and managing director Neil Saunders looked at the Home Depot data for the past year and said that after two years of “declining comparable numbers in the U.S.,” the company is growing again.
“The fact that US comparable sales are back in the black after declining for eight quarters or two years is a very clear win for Home Depot, and it suggests that the home improvement market as a whole might finally be reaching the nadir of its more sluggish performance,” Saunders wrote.
Saunders’ Tuesday morning analysis also said that it was important to note not just their yearly growth but what their sales were like compared to 2019, before the COVID-19 pandemic.
“The critical thing to remember in all of this is that Home Depot’s full-year sales are up by 44.7% compared to 2019. It remains a long-term winner despite recent softness,” Saunders wrote in a post on LinkedIn.
The Associated Press contributed to this report.
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