Q1 2024 Home Depot Inc Earnings Call Transcript
Key Points
- The Home Depot Inc (HD) continues to grow market share and invest in its business despite market pressures.
- The company is expanding its pro ecosystem, which has shown great success in more mature markets, leading to expansion into additional markets.
- The acquisition of SRS Distribution is expected to enhance The Home Depot Inc (HD)'s capabilities and market reach, particularly in specialty trade verticals.
- The Home Depot Inc (HD) has maintained strong operational execution, with significant improvements in inventory management and turnover.
- Investments in technology and capabilities, such as the pro intelligence tool and Computer Vision, are enhancing customer and associate experiences and driving productivity.
- Sales for the first quarter were down 2.3% year-over-year, with comp sales declining 2.8%.
- The Home Depot Inc (HD) experienced negative comps in U.S. stores, particularly impacted by a delayed start to spring and continued softness in larger discretionary projects.
- Big ticket transactions over $1,000 were down 6.5% compared to the first quarter of last year, indicating softer engagement in larger discretionary projects.
- The company faces challenges in the kitchen and bath segments, where there is a noticeable decrease in project sizes and some trading down among consumers.
- Despite strong operational focus, external factors such as organized retail crime continue to pose challenges and pressure the company's performance.
Greetings, and welcome to the Home Depot First 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 First 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 remind you that
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