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.
April 17, 2023 marks the celebration of National Volunteer Week, highlighting the contributions of Team Depot, an associate volunteer force at Home Depot. For 30 years, Team Depot has been dedicated to community service, led by volunteer captains across the nation. The press release features four notable Team Depot captains: George Page, Theresa Henderson, Sam Rivera, and Wendy Winters, sharing their experiences and the significance of their volunteer work. Page has been an associate for 34 years, while Henderson has 33 years of service. Rivera has served for 18 years, and Winters has been with the company for 25 years. Their testimonials reflect a commitment to community engagement and personal growth through volunteerism. More information about Team Depot and the foundation is available at HomeDepotFoundation.org.
The Home Depot Foundation has pledged $2.53 million to expand the Helping Homebound Heroes program, aiming to assist aging veterans with home repairs and modifications. This funding will allow the program to double its reach from eight to sixteen markets across the U.S. Since its inception in 2015, the Foundation has donated over $16 million to support more than 2,000 veterans, enhancing their quality of life through essential home modifications. The initiative highlights the increasing need for senior veteran support, especially given the substantial number of veteran homeowners over 55. The Home Depot Foundation continues to be a key player in restoring independence and comfort for veterans, aligning its mission with community welfare.
The Home Depot announced awards exceeding $2 million to 36 Historically Black Colleges and Universities (HBCUs) through its Retool Your School program, aimed at enhancing campus facilities. Alabama A&M University, Coahoma Community College, and Fisk University were the top awardees, each receiving $150,000. This year's program expanded to include additional $2 million for needs-based grants, promoting renovations and scholarship programs. The awards were celebrated at a ceremony in Atlanta, emphasizing Home Depot's commitment to HBCUs beyond financial contributions. Since its establishment in 2009, the program has invested over $9.25 million in HBCU enhancements, showcasing ongoing community support.
The Home Depot Foundation has increased its financial commitment to $400,000 to aid communities affected by tornadoes and severe weather in the Southeast and Midwest. This funding will support various nonprofit partners like Convoy of Hope and the American Red Cross in damage assessments, debris removal, and food distribution across several states, including Arkansas and Indiana.
In addition to this funding, Team Depot has engaged in volunteer activities across more than 14 cities, contributing nearly $100,000 in relief supplies. The Homer Fund is also providing emergency financial support to impacted employees, having granted over $28.6 million since its inception. The Foundation emphasizes its commitment to both immediate relief and long-term recovery efforts.
The Home Depot highlights the inspiring journey of Ferdi Mongo, who progressed from humble beginnings to a successful 26-year career within the company. Emigrating from Cameroon with minimal resources, Ferdi's work ethic and authenticity paved the way for his advancement through various management roles. He exemplifies resilience, supporting his family's education and guiding them to U.S. citizenship. Ferdi emphasizes the importance of giving 110%, being true to oneself, and staying authentic in one’s career. The company encourages others to explore career opportunities at The Home Depot.
The Home Depot announced significant advancements in sustainability initiatives as of March 22, 2023. The company achieved a 50% reduction in U.S. store electricity use since 2010, surpassing its initial 20% target. In 2021, electricity consumption fell by approximately 11% year-over-year. Notable improvements include the retrofitting of 383 stores to LED lighting, resulting in 30% less electricity usage.
Additionally, the company is investing in solar energy, procuring 225 megawatts from Texas solar farms, and implementing smart irrigation systems across 503 stores, achieving a 29% reduction in water usage. These efforts align with the goal of sourcing 100% renewable energy by 2030.
The Home Depot, the largest home improvement retailer, announced that Richard McPhail, CFO, will present at the 9th Annual J.P. Morgan Retail Round-Up Conference. The presentation is scheduled for 9:00 a.m. ET on March 30, 2023. Interested parties can access the live webcast at http://ir.homedepot.com/events-and-presentations, with an archived version available one hour post-event. As of the end of fiscal year 2022, The Home Depot operates 2,322 stores across the U.S., District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, Canada, and Mexico, employing approximately 475,000 associates. Its stock trades on the NYSE with the symbol HD.
The Home Depot has appointed William "Billy" Bastek as the new executive vice president of merchandising, effective immediately. Bastek is a seasoned 33-year veteran with extensive experience in various leadership roles within the merchandising organization. Previously, he served as senior vice president of hardlines, where he led successful marketing strategies in hardware and garden. Under his leadership, the merchandising team modernized power tools, shifting to battery-powered equipment. Bastek replaces Jeff Kinnaird, who left the company after nearly 27 years of service. The Home Depot operates 2,322 stores across North America and employs approximately 475,000 associates.
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