$HD (+1,1 %) | The Home Depot Q2'24 Earnings Highlights:

🔹 Adj EPS: $4.67 (Est. $4.52) 🟢

🔹 Revenue: $43.18B (Est. $43.79B) 🔴

🔹 Comparable Sales: -3.3% (Est. -2.39%) 🔴

Cuts FY'24 Outlook:

🔸 Comparable Sales: To decline by 3% to 4% (Previous: approx. -1%) 😕

🔸 Total Sales Growth: 2.5% to 3.5%, including the 53rd week

🔸 53-week Adj EPS: Expected to decline by 1% to 3%

🔸 Gross Margin: About 33.5%

🔸 Operating Margin: 13.5% to 13.6% 

Key Metrics:

🔹 Adj Operating Income: $6.6B, 

🔹 Adj Operating Margin: 15.3%

🔹 Net Income: $4.6B, with diluted EPS of $4.60

🔹 Gross Margin: 33.5% (projected for FY’24)

CEO Ted Decker:

🔸 "During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects"

Additional Business Highlights:

🔸 The second quarter included $1.3 billion in sales from the recent acquisition of SRS Distribution Inc. (SRS).

🔸 Operating 2,340 retail stores and over 760 branches across the U.S., Canada, and Mexico.

🔸 53rd week of FY’24 is expected to contribute approximately $2.3 billion in total sales and $0.30 to adjusted diluted EPS.