Welcome to our dedicated page for Home Depot news (Ticker: HD), a resource for investors and traders seeking the latest updates and insights on Home Depot stock.
The Home Depot, Inc. (NYSE: HD) is a leading American multinational home improvement retailer. Founded in 1978, it has grown to become the largest home improvement specialty retailer in the world. The company operates more than 2,300 warehouse-format stores across the United States, Canada, and Mexico, offering a vast array of products that range from tools and construction materials to appliances and services, including fuel and transportation rentals.
Home Depot's stores provide customers with more than 30,000 products in-store and over 1 million products online. Its extensive product line caters to both DIY enthusiasts and professional contractors, featuring building materials, home improvement products, lawn and garden products, and decor items. The company also offers various services such as home improvement installations and tool and equipment rentals.
In 2015, Home Depot acquired Interline Brands, marking its entry into the maintenance, repair, and operations (MRO) business, which was further expanded with the acquisition of HD Supply in 2020. Additionally, the acquisition of The Company Store provided a foothold in the textile market, while Redi Carpet added multifamily flooring to its portfolio.
Despite a modest sales decline in 2023 following three years of significant growth, Home Depot continues to invest in its business operations. The company reported fiscal 2023 sales of $152.7 billion, a 3% decrease from fiscal 2022. Net earnings for fiscal 2023 stood at $15.1 billion, down from $17.1 billion in the previous year. In response, Home Depot has implemented several initiatives to enhance its business, including the creation of interconnected retail experiences and the expansion of its store network.
Home Depot recently announced a 7.7% increase in its quarterly dividend, highlighting its strong financial health and commitment to returning value to shareholders. The company also continues to strengthen its community engagement through initiatives like The Homer Fund, which has granted over $250 million to associates in need since 1999.
In terms of recent developments, Home Depot has entered into a definitive agreement to acquire SRS Distribution Inc., a leader in residential specialty trade distribution. This acquisition is expected to enhance Home Depot's capabilities in serving professional customers, adding significant value and expanding its market presence.
Furthermore, The Home Depot is actively involved in collegiate sports, having recently become an official corporate partner of the NCAA. The partnership includes rights across all 90 NCAA championships, aligning with Home Depot's busiest selling season and enhancing its engagement with sports fans and customers alike.
Home Depot is also committed to sustainability and community support, with initiatives like organic gardening products, native plants, and disaster relief efforts through The Home Depot Foundation. The company's Retool Your School program provides grants to Historically Black Colleges and Universities (HBCUs) for campus enhancements, further showcasing its dedication to community development.
The Home Depot (NYSE: HD), the world's largest home improvement retailer, has announced a third-quarter cash dividend of $2.25 per share. The dividend will be paid on December 12, 2024, to shareholders of record as of November 27, 2024. This marks the company's 151st consecutive quarterly dividend payment. The company currently operates 2,345 retail stores and over 780 branches across the United States, its territories, Canada, and Mexico, employing more than 465,000 associates.
The Home Depot Foundation has announced a $10 million investment to help veterans age in place and prevent homelessness. This funding comes as the VA projects a 535% increase in veterans over 85 needing care in the next 20 years. The investment will support: 230 new or refurbished rental units, over 125 urgent home repairs, rental/mortgage assistance for 270 veterans, and 400 home adaptations plus seven custom smart homes for disabled veterans. This initiative is part of the Foundation's updated commitment of $750 million to veteran causes by 2030, following their achievement of surpassing $500 million invested since 2011.
Home Depot reported Q3 fiscal 2024 sales of $40.2 billion, up 6.6% year-over-year, despite comparable sales declining 1.3%. Operating income was $5.4 billion with a 13.5% margin, while net earnings were $3.6 billion ($3.67 per diluted share). The company updated its fiscal 2024 guidance, projecting total sales to increase approximately 4% but comparable sales to decline 2.5%. The 53rd week is expected to add $2.3 billion to total sales and contribute $0.30 to earnings per share. Home Depot operates 2,345 retail stores and over 780 branches across North America.
The Home Depot Foundation is investing $10 million to help veterans age in place and avoid homelessness. This funding supports the Foundation's goal of a $750 million investment by 2030. The initiative addresses the growing need for accessible housing for aging veterans, with the VA projecting a 535% increase in veterans over 85 needing care in the next 20 years. The funding will facilitate the creation of over 230 new or refurbished rental units, conduct 125 home repairs, provide financial relief to 270 veterans, and complete 400 home adaptations and 7 custom smart homes. The Home Depot Foundation has surpassed $500 million invested in veteran causes since 2011 and aims to impact 50,000 veterans by 2030. The Foundation and Team Depot will also undertake service projects nationwide to enhance the safety and accessibility of veterans' homes.
The Home Depot Foundation has launched its annual Operation Surprise campaign for November 2024, focusing on improving veteran housing accessibility and safety. The Foundation has pledged to invest $750 million in veteran causes by 2030, building upon over $500 million already contributed. Working with Team Depot and nonprofit partners, they will conduct hundreds of service projects nationwide around Veterans Day. Since 2011, Team Depot has completed over 1.6 million volunteer hours serving veterans, demonstrating their commitment to helping veterans age in place safely and comfortably.
The Home Depot (NYSE: HD) announced it will host its Third Quarter Earnings Conference Call on Tuesday, November 12, at 9 a.m. ET. The webcast will be available on the company's investor relations website and archived for later viewing. The company currently operates 2,340 retail stores and over 760 branches across multiple territories including the US, Canada, and Mexico, employing more than 465,000 associates.
The Home Depot has announced the winners of its 2024 Innovation Awards, recognizing products that have transformed home improvement. The Overall Award Winner is the Starlink Standard Kit, providing high-speed internet in remote locations. First Runner Up is Milwaukee FORGE Batteries and Super Charger, offering unmatched power and rapid charging. Second Runner Up is Wago Leverlock Connectors, streamlining wire installation.
The company also recognized several products with honorable mentions, including Feit White Filament LED Bulbs, Fluidmaster Super Flapper and Kit, Glacier Bay kitchen faucets and garbage disposals, Henry Roof Guard Enhanced Acrylic Roof Coating, Krosswood Doors Ready-to-Assemble Doors, Milwaukee M18 FUEL Outdoor Power Tools, Ryobi Lithium Power Scrubber, Scrub Daddy BBQ Tool, and Vigoro Watering Drip Kit.
Additionally, The Home Depot honored outstanding supplier partners in various categories and named Pratt Industries as Environmental Partner of the Year, Echo as Interconnected Partner of the Year, and Whirlpool as Marketing Partner of the Year.
Orange Apron Media, The Home Depot's retail media division, has launched Orange Access, a new comprehensive self-service ad platform powered by Vantage. This platform allows advertisers to plan, activate, optimize, and report on their media campaigns through a single, user-friendly interface. Key features include:
- Easy campaign launch and detailed reporting
- Guided tutorial for optimal campaign setup
- Improved creative technology for banner ads
- Real-time campaign pacing information
- Enhanced placements and targeting
- Intuitive measurement and reporting dashboards
- Centralized billing and reconciliation
Orange Apron Media collaborated with Pentaleap and Kevel to enhance ad server capabilities, aiming to improve onsite campaign performance and advance advertising inventory.
The Home Depot has been awarded three prestigious recognitions by the U.S. Environmental Protection Agency (EPA) for 2024:
- Safer Choice Partner of the Year
- SmartWay Excellence Award
- WaterSense Sustained Excellence Award
These accolades highlight The Home Depot's commitment to sustainability, including choosing safer product ingredients, reducing freight emissions, and promoting water-efficient products. Candace Rodriguez, senior director of sustainability, emphasized the company's focus on driving meaningful change for customers, communities, and the planet. The awards recognize The Home Depot's efforts in making environmentally friendly products more accessible and affordable across thousands of U.S. stores.
The Home Depot Foundation has committed up to $2 million for immediate disaster relief in communities affected by Hurricane Helene. The Foundation is working with various nonprofit partners to provide essential support:
- Convoy of Hope and Operation Blessing are distributing food, water, and supplies.
- World Central Kitchen is providing meals in Florida, Georgia, and North Carolina.
- American Red Cross has opened shelters for over 9,000 people.
- Team Rubicon and Inspiritus are conducting damage assessments.
- ToolBank Disaster Services is supplying tools for cleanup efforts.
Team Depot, The Home Depot's volunteer force, is donating supplies and will assist in cleanup efforts across affected states. The Homer Fund is providing financial support to impacted Home Depot associates.
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