A prominent business leader and one of the Republican Party’s top donors didn’t mince words when reacting to President Biden’s now repeated, incorrect inflation claim. "Why do liars lie? Because they lie. That's why you call them a liar," former Home Depot co-founder and CEO Ken Langone said on "The Ingraham Angle" Tuesday."That's the most absurd remark in the world to say that inflation was 9% when he came in," he continued. "It was... 1.4%." In a recent interview with Yahoo! Finance, Biden touted his admi ...

Core Insights - Home Depot Inc. reported first-quarter fiscal 2024 results with earnings exceeding estimates but sales falling short, reflecting a year-over-year decline in both metrics [1][3] - The company's performance was affected by a delayed spring season and reduced demand for larger discretionary projects, although it maintained confidence in its business initiatives and market share expansion [1][2] Financial Performance - Earnings per share were $3.63, down 5% from $3.82 in the previous year, but above the Zacks Consensus Estimate of $3.61 [3] - Net sales decreased by 2.3% to $36,418 million from $37,257 million year-over-year, missing the Zacks Consensus Estimate of $36,654 million [3] - Comparable sales fell by 2.8%, with a 3.2% decline in the U.S. due to reduced customer transactions and average ticket sizes [3][4] - Gross profit decreased by 1% year-over-year to $12,433 million, while gross margin improved by 40 basis points to 34.1% [4] - Operating income fell by 8.5% to $5,079 million, with operating margin contracting by 100 basis points to 13.9% due to higher SG&A expenses [4] Operational Metrics - SG&A expenses rose by 4.9% to $6,667 million, increasing as a percentage of sales by 120 basis points to 18.3% [4] - Customer transactions declined by 1% year-over-year, and average ticket size decreased by 1.3% [3][4] Cash and Debt Position - At the end of the first quarter, Home Depot had cash and cash equivalents of $4,264 million and long-term debt of $42,060 million [5] - The company generated $5,497 million in net cash from operations during the first three months of fiscal 2024 [5] Fiscal 2024 Outlook - Management retained its fiscal 2024 forecast, expecting a 1% increase in sales year-over-year, including $2.3 billion from an additional 53rd week [6] - Comparable sales are anticipated to decline by 1% for the 52-week period, with plans to open 12 new stores [6] - Gross margin is expected to be 33.9%, and operating margin is projected at 14.1% for fiscal 2024 [6] - The effective tax rate is estimated at 24.5%, with interest expenses likely to be $1.8 billion [6] - Earnings per share are expected to increase by 1% year-over-year, with the 53rd week contributing 30 cents per share [6]

Key TakeawaysHome Depot posted mixed first-quarter results Tuesday, with sales just missing estimates and profits narrowly beating them.The retailer also affirmed its full-year guidance, expecting total sales and earnings to increase slightly compared to fiscal 2023 while it opens a dozen new stores.The guidance does not include the $18 billion acquisition of SRS Distribution that Home Depot announced in March, which is expected to close by the end of fiscal 2024. Home Depot's (HD) first-quarter results rel ...

Financial Data and Key Metrics Changes - Total sales for Q1 2024 were $36.4 billion, a decrease of 2.3% year-over-year. Comp sales declined by 2.8%, with U.S. stores experiencing negative comps of 3.2% [7][25] - Diluted earnings per share were $3.63, down from $3.82 in the same quarter last year, representing a 5% decrease [7][27] - Gross margin improved to 34.1%, an increase of approximately 45 basis points from the previous year, primarily due to lower transportation costs and shrink [25][26] - Operating margin decreased to 13.9% from 14.9% year-over-year [26][27] - Merchandise inventories were $22.4 billion, down approximately $3 billion or 12% compared to the previous year, with inventory turns increasing to 4.5x from 3.9x [27] Business Line Data and Key Metrics Changes - Comp transactions decreased by 1.5%, while the average ticket size decreased by 1.3%. Big ticket transactions (over $1,000) were down 6.5% compared to the previous year [19][20] - Online sales increased by 3.3% year-over-year, with nearly half of online orders fulfilled through stores [20][21] - Building materials and power departments posted positive comps, while outdoor garden, paint, lumber, plumbing, and hardware categories were above the company average [18] Market Data and Key Metrics Changes - U.S. comp sales were negative 3.2% for the quarter, with February at -4%, March at -0.8%, and April at -3.3% [25] - Mexico posted positive comps, while Canada was slightly below the company average [25] Company Strategy and Development Direction - The company is focused on enhancing its Pro ecosystem to capture a larger share of the $250 billion total addressable market (TAM) for residential Pro contractors [8][10] - The acquisition of SRS Distribution aims to strengthen capabilities in specialty trade verticals, enhancing service to complex project customers [10][62] - The company plans to expand its Pro ecosystem to 17 markets by the end of the fiscal year, with expectations to grow further in the future [9][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of delayed spring weather and continued softness in larger discretionary projects but expressed optimism about store readiness and customer engagement as spring progresses [7][11] - The company reaffirmed its guidance for fiscal 2024, expecting total sales growth of approximately 1% and comp sales of approximately -1% [30][31] - Management emphasized the importance of execution in the core business and the positive trends in customer engagement despite current market pressures [66][70] Other Important Information - The company invested approximately $850 million in capital expenditures during the quarter and paid $2.2 billion in dividends [27][28] - The effective tax rate for the quarter was 22.6%, down from 24.2% in the previous year [26][27] Q&A Session Summary Question: Can you talk about the impact of weather on sales? - Management noted that inconsistent weather affected sales, with some markets performing well while others did not. Positive engagement was seen where weather was favorable [34][35] Question: How is the big ticket project business performing? - The big ticket project business continues to face pressure, particularly in financed projects like kitchen and bath remodels, while some categories like outdoor power equipment are seeing strong engagement [39][40] Question: What is the outlook for the second half of the year? - Management indicated that the primary factor for improvement in same-store sales in the second half would be the anticipated stabilization of average unit retail (AUR) pressures [82] Question: How is the promotional environment changing? - The promotional environment remains rational, with events designed to drive excitement rather than deep discounts. The market has normalized to pre-COVID levels [84]

Is your refrigerator running?Rather than going to catch it, as the old prank phone call goes, Home Depot told investors during its first-quarter 2024 earnings call Tuesday (May 14) that many of today’s consumers are sitting out on major home projects as a result of high interest rates and macro pressures.“Goods are underperforming services,” Home Depot Chair, President and CEO Ted Decker told investors.That’s why the world’s largest home improvement retailer is determined to focus more on building its busin ...

Home Depot (HD) reported $36.42 billion in revenue for the quarter ended April 2024, representing a year-over-year decline of 2.3%. EPS of $3.63 for the same period compares to $3.82 a year ago.The reported revenue represents a surprise of -0.64% over the Zacks Consensus Estimate of $36.65 billion. With the consensus EPS estimate being $3.61, the EPS surprise was +0.55%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street exp ...

Key PointsHome Depot provided a better-than-feared Q1 report but gave no reason for the market to rally. Growth will be hard to achieve this year, but cash flow and capital return will remain solid. Analysts capped the upside ahead of the release and may lower their price targets now. 5 stocks we like better than Home DepotHome Depot NYSE: HD issued a mixed Q1 report offering little reason to buy or sell the stock. On the one hand, weaker-than-expected revenue and tepid guidance suggest growth will be hard ...

Home Depot (HD) came out with quarterly earnings of $3.63 per share, beating the Zacks Consensus Estimate of $3.61 per share. This compares to earnings of $3.82 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.55%. A quarter ago, it was expected that this home-improvement retailer would post earnings of $2.77 per share when it actually produced earnings of $2.82, delivering a surprise of 1.81%.Over the last four quarters, the ...

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Exhibit 99.1 The Home Depot Announces First Quarter Fiscal 2024 Results; Reaffirms Fiscal 2024 Guidance ATLANTA, May 14, 2024 -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $36.4 billion for the first quarter of fiscal 2024, a decrease of 2.3% from the first quarter of fiscal 2023. Comparable sales for the first quarter of fiscal 2024 decreased 2.8%, and comparable sales in the U.S. decreased 3.2%. Net earnings for the first quarter of fiscal 2024 were $3.6 billio ...