DeFi Daily News
Sunday, June 1, 2025
Advertisement
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
No Result
View All Result
Home Markets Stock Market

Although facing some short-term obstacles, Home Depot (HD) highlights a few positive areas| AlphaStreet

Staff Correspondent by Staff Correspondent
August 19, 2024
in Stock Market
0 0
0
Although facing some short-term obstacles, Home Depot (HD) highlights a few positive areas| AlphaStreet
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Telegram
Listen to this article

Shares of Home Depot (NYSE: HD) stayed green on Monday. The stock has gained over 7% in the past three months. The home improvement retailer faced continued challenges in the second quarter of 2024 and remains cautious for the remainder of the year. Nevertheless, there are a few bright spots against this bleak backdrop.

Challenging Q2

Home Depot generated sales of $43.2 billion in the second quarter of 2024, which were up just 0.6% from the same period a year ago. Comparable sales decreased 3.3% in Q2, reflecting continued declines over the past five quarters. GAAP EPS decreased 1% year-over-year to $4.60 while adjusted EPS dropped to $4.67 from $4.68 in the year-ago period.

In Q2, customer demand was impacted by higher interest rates and macroeconomic uncertainty which led to weaker spend on home improvement projects. Spring projects witnessed a general softness and were also impacted by extreme weather changes during the quarter.

The company saw a 2.2% decrease in comp transactions and a 1.3% drop in average ticket during the quarter. Big-ticket comp transactions, or those over $1,000, were down 5.8% YoY, with larger discretionary projects, like kitchen and bath remodels, experiencing softness.

Cautious outlook

Due to the weak performance in the first half of the year and the continued uncertainty around consumer demand, Home Depot remains cautious in its outlook for fiscal year 2024. The retailer now expects comparable sales for the 52-week period to be down 3-4% versus its prior expectation of a decline of around 1%.

GAAP EPS for the 53-week period is now expected to decline 2-4% versus the previous forecast for growth of approx. 1%. Adjusted EPS for the 53-week period is expected to decline 1-3%. The 53rd week is expected to contribute EPS of approx. $0.30 on both a reported and adjusted basis.

Bright spots

Despite these near-term challenges, Home Depot is focused on growing its share in the highly fragmented, approx. $1 trillion home improvement market over the long term.

“Remember, we operate in one of the largest asset classes, which is estimated at approximately $45 trillion, representing the installed base of homes in the United States. Today, we have roughly 17% market share, with tremendous growth potential. That is why we have been investing and executing on our strategy to create the best interconnected experience, grow our Pro wallet share through a differentiated set of capabilities, and build new stores.” – Ted Decker, CEO

Another area of opportunity is the SRS Distribution acquisition. The SRS acquisition contributed $1.3 billion in sales to HD’s top line in Q2. On its conference call, Home Depot said for the six-month period matching its first half, SRS generated high-single-digit top line growth, while growing operating income largely in line with sales, compared to the previous year.

This acquisition provides HD with the chance to drive growth through several sales and cross synergy opportunities. It allows Home Depot to expand its product portfolio with a range of offerings in roofing, pool, and landscape from SRS. HD plans to make purchases more convenient for SRS customers at its stores by offering a form of credit tied to their account. The combined assets and capabilities from this acquisition are expected to prove beneficial to HD over the long term.

Home Depot updated its full-year 2024 guidance to reflect the SRS acquisition. It now expects total sales to increase 2.5-3.5%, including the 53rd week, compared to the previous expectation for a growth of approx. 1%. The 53rd week is projected to add approx. $2.3 billion to total sales while the SRS acquisition is expected to contribute approx. $6.4 billion in incremental sales.

Conclusion

Despite facing challenges in the near term, Home Depot remains focused on long-term growth opportunities and expanding its market share in the home improvement industry. The company’s strategic acquisitions and investments demonstrate its commitment to driving sales and enhancing customer experience. While the outlook for fiscal year 2024 remains cautious, Home Depot’s positive initiatives suggest a potential turnaround in the future. Investors will be closely watching how the retailer navigates through the current challenges and capitalizes on its bright spots to deliver sustainable growth in the coming quarters.

For more trending news articles like this, visit DeFi Daily News.



Source link

Tags: AlphaStreetareasDepotfacinghighlightsHomeObstaclesPositiveShortterm
ShareTweetShare
Previous Post

“Ragnarok: Monster World” Beta Debuts on Ethereum Network Ronin – A Guide to Getting Started

Next Post

Incredible Adidas Deal Alert: Get Men’s Slides for Just $7.23 With Free Shipping, and More Great Offers!

Next Post
Incredible Adidas Deal Alert: Get Men’s Slides for Just .23 With Free Shipping, and More Great Offers!

Incredible Adidas Deal Alert: Get Men's Slides for Just $7.23 With Free Shipping, and More Great Offers!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest
rewrite this title Haliey Welch Breaks Silence on Hawk Tuah Coin Collapse

rewrite this title Haliey Welch Breaks Silence on Hawk Tuah Coin Collapse

May 6, 2025
Protecting Yourself from Scams by Third-Party Sellers – NerdWallet

Protecting Yourself from Scams by Third-Party Sellers – NerdWallet

July 16, 2024
Complete Guide: Obtaining Wallet Transactions with RPC Nodes – Moralis Web3 | Advanced Web3 API Services

Complete Guide: Obtaining Wallet Transactions with RPC Nodes – Moralis Web3 | Advanced Web3 API Services

August 20, 2024
rewrite this title with good SEO Viral Success Locked Amid $FAT Crypto Breakout: Is $FAT Hottest Meme Coin in April?

rewrite this title with good SEO Viral Success Locked Amid $FAT Crypto Breakout: Is $FAT Hottest Meme Coin in April?

April 17, 2025
I Have Fallen Into The Personal Loan Trap

I Have Fallen Into The Personal Loan Trap

May 2, 2025
Top 5 Superior Ethereum Faucets to Earn Free ETH in 2024

Top 5 Superior Ethereum Faucets to Earn Free ETH in 2024

July 16, 2024
rewrite this title and make it good for SEORussia says several military aircraft caught fire after alleged large-scale Ukrainian drone attack: Report

rewrite this title and make it good for SEORussia says several military aircraft caught fire after alleged large-scale Ukrainian drone attack: Report

June 1, 2025
rewrite this title Discover’s 5% Bonus Categories for Q3 2025: Gas, Transit, Utilities – NerdWallet

rewrite this title Discover’s 5% Bonus Categories for Q3 2025: Gas, Transit, Utilities – NerdWallet

June 1, 2025
rewrite this title Indiana Pacers Aren’t Sexy, but They Might Be the Thunder’s Worst Nightmare | Deadspin.com

rewrite this title Indiana Pacers Aren’t Sexy, but They Might Be the Thunder’s Worst Nightmare | Deadspin.com

June 1, 2025
My Husband Wants Alcohol In The Budget, I Do Not

My Husband Wants Alcohol In The Budget, I Do Not

June 1, 2025
rewrite this title Dotemu’s CEO on how it makes new games that feel retro

rewrite this title Dotemu’s CEO on how it makes new games that feel retro

June 1, 2025
rewrite this title Bitcoin Rich List: Who’s Stacking, Who’s Slacking?

rewrite this title Bitcoin Rich List: Who’s Stacking, Who’s Slacking?

June 1, 2025
DeFi Daily

Stay updated with DeFi Daily, your trusted source for the latest news, insights, and analysis in finance and cryptocurrency. Explore breaking news, expert analysis, market data, and educational resources to navigate the world of decentralized finance.

  • About Us
  • Blogs
  • DeFi-IRA | Learn More.
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.