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Home improvement retailer Home Depot Inc (NYSE:HD) reported a first-quarter FY24 sales decline of 2.3% year-on-year to $36.418 billion, missing the analyst consensus estimate of $36.672 billion.
Customer transactions for the quarter fell 1%. Comparable sales decreased 2.8%, and comparable sales in the U.S. dropped 3.2%.
Gross profit fell 1% Y/Y to $12.4 billion. The operating margin was 13.9%, and operating income for the quarter dropped 8.5% to $5.08 billion.
The operating expenses increased 5% Y/Y to $7.4 billion. EPS of $3.63 beat the consensus estimate of $3.59.
The average ticket in the first quarter was $90.68, a 1.3% decrease, and sales per retail square foot declined 3.4% to $572.69.
The company held $4.3 billion in cash and equivalents as of April 28, 2024. Net cash provided by operating activities for three months totaled $5.5 billion.
“And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement,” said Chairman, President and CEO Ted Decker.
Outlook Reiterated: Home Depot sees FY24 EPS of $15.26 versus an estimate of $15.32. HD forecasts FY24 sales of $154.196 billion against an estimate of $154.39 billion.
Price Action: HD shares are trading higher by 0.60% at $343.00 in premarket at the last check Tuesday.
Photo via Shutterstock
Posted In: HD
