May 14, 12:03 PM

Home Depot Q1 earnings show revenue decline, weak comps, reaffirmed guidance, net income -7%, diluted EPS -5%, US comps -3.2%

Home Depot's Q1 earnings report showed a decline in revenue, transactions, and average ticket, with net income and diluted EPS also down. Comparable sales were weaker than expected, with US comps at -3.2%. Despite challenges, the company reaffirmed its fiscal 2024 guidance. The earnings call highlighted reduced big ticket transactions and challenges in financing big renovation projects. Inventory decreased significantly, while expenses grew faster than sales. The consumer pullback was evident in the delayed start to spring and weakening consumer trends.

#Home Depot #US

Written with ChatGPT (GPT-3).