Q2 2024 Home Depot Inc Earnings Call Transcript
Key Points
- Total sales for the second quarter were $43.2 billion, an increase of 0.6% from the same period last year.
- The recent acquisition of SRS contributed $1.3 billion to the total sales, showing positive integration.
- Gross margin increased by 40 basis points to 33.4%, driven by lower transportation costs and reduced shrink.
- The company continues to invest in its pro ecosystem, enhancing tools and capabilities for better customer service.
- Online sales leveraging digital platforms increased approximately 4% compared to the second quarter of last year.
- Comparable sales declined 3.3% from the same period last year, with US stores showing a negative 3.6% comp.
- Higher interest rates and macroeconomic uncertainty pressured consumer demand, leading to weaker spend on home improvement projects.
- The company is now guiding to a comp sales decline of approximately 3% to 4% for fiscal 2024.
- Operating margin for the second quarter was 15.1%, down from 15.4% in the second quarter of 2023.
- Big ticket comp transactions over $1,000 were down 5.8% compared to the second quarter of last year, indicating softer engagement in larger discretionary projects.
Greetings and welcome to The Home Depot's second 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 second 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 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
