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Home Depot reported its Q1 earnings for fiscal 2024, posting an earnings per share (EPS) of $3.63, slightly above the analyst estimate of $3.60. However, the company missed revenue expectations, reporting $36.42 billion against the forecasted $36.67 billion. Comparable sales declined by 2.8%, with U.S. comparable sales down by 3.2%. Home Depot reaffirmed its fiscal 2024 guidance despite the earnings miss. The company attributed the weaker performance to high interest rates, a weak housing market, and lower demand for big-ticket items. This marks the sixth consecutive quarter of negative sales growth for the retailer. Net income decreased by 7.0%, gross profit fell by 1.0%, and EBIT dropped by 8.5%. Shares were up 1.8% pre-market.
Home Depot's sales continued to soften in the first quarter as the nation's largest home improvement retailer was not only constrained by high mortgage rates and higher inflation for its customers, but it also had to deal with a delayed start to spring. https://t.co/KaArpbsb4p
Home Depot revenues fell 2% over the last year, the 5th straight quarter of negative YoY growth. That's the longest stretch of negative revenue growth since 2009-10. $HD Video: https://t.co/1mpJfpQeEe https://t.co/wNoUzahouc
Home Depot posted quarterly revenue below estimates, as high interest rates hurt sales. @JimCramer says companies like $HD are "challenged" in this economic environment. @CNBC @CarlQuintanilla @DavidFaber https://t.co/4C7arZCu7A