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 reported first-quarter fiscal 2022 sales of $38.9 billion, up 3.8% from last year. Comparable sales rose 2.2%, with U.S. comparable sales increasing 1.7%. Net earnings reached $4.2 billion, translating to $4.09 per diluted share, a 6.0% increase from $3.86 per diluted share in fiscal 2021. The company raised its fiscal 2022 guidance, expecting total and comparable sales growth of approximately 3.0%, operating margin of 15.4%, and diluted EPS growth in the mid-single digits. Home Depot operates 2,316 stores and employs around 500,000 associates.
The Home Depot has been awarded the 2022 ENERGY STAR Retail Partner of the Year for Sustained Excellence, marking the 11th time it has received this honor.
Since 2010, the company has reduced electricity consumption by 44% in its U.S. stores and aims for renewable energy to meet all its electricity needs by 2030. The Home Depot has helped customers save $2.8 billion on utility bills through ENERGY STAR products. Additionally, the company has received three other awards from the EPA, highlighting its commitment to sustainability and energy efficiency.
The Home Depot announced the return of its Kids Workshops to U.S. stores starting May 7, 2022. These workshops will occur on the first Saturday of each month, allowing families to engage in DIY projects. Previously moved to virtual offerings for safety, The Home Depot has donated over 1.6 million workshop kits during this period. The first project will be a Picket Fence Planter, with upcoming activities including a Constellation Viewer and Summer Camper. Participants will receive a kid-sized apron and project completion certificate.
The Home Depot has launched Home Depot Ventures, a $150 million venture capital fund aimed at investing in early-stage companies developing technologies to enhance customer experiences in home improvement. The fund seeks to simplify home ownership processes, enhance professional services for contractors, and drive operational excellence through innovative solutions. Home Depot has a history of successful investments in startups, including companies in the IoT and delivery sectors. The initiative is designed to provide substantial returns and foster business partnerships while aligning with the company's growth strategy.
The Home Depot, the leading home improvement retailer, announced its First Quarter Earnings Conference Call scheduled for May 17, 2022, at 9 a.m. ET. This event will be accessible via webcast, with archives available post-event. At the end of fiscal year 2021, the company operated 2,317 stores across the U.S., Canada, and Mexico, employing approximately 500,000 associates. The Home Depot is part of the Dow Jones Industrial Average and Standard & Poor's 500 index, ranking #18 on the 2021 Fortune 500.
Bonnie Plants has announced a partnership with The Home Depot and AmpleHarvest.org to encourage gardeners to donate their harvest to local food pantries. The initiative includes a $250,000 donation from Bonnie Plants to AmpleHarvest.org to help connect gardeners with food pantries amid rising food insecurity. Participants can grow and donate surplus produce, with Bonnie's Harvest Select line available exclusively at The Home Depot aimed at maximizing yields. This effort highlights the importance of fresh produce donations to fight hunger.
The Home Depot has announced an additional $1 million investment in its Retool Your School Program to enhance 30 Historically Black Colleges and Universities (HBCUs). This 13th edition of the program provides grants of $20,000 to $75,000 for campus improvements. Notably, Alabama State University received $95,000 for its innovative campaign. Since 2009, Home Depot has invested over $5 million into HBCUs, supporting various improvement projects.
The Home Depot has appointed Matt Carey as executive vice president (EVP) of customer experience, effective immediately. Carey, who has 14 years with the company, will focus on enhancing customer interactions across various platforms. Additionally, Fahim Siddiqui has been named EVP and chief information officer (CIO), overseeing technology strategy and infrastructure. The company operates 2,317 stores and employs around 500,000 associates, with its stock listed on the NYSE under the symbol HD.
The Home Depot, the largest home improvement retailer globally, announced that Richard McPhail, CFO, will present at the 8th Annual J.P. Morgan Retail Round-Up Conference. The event is scheduled for 11:00 a.m. ET on April 7, 2022. Interested parties can watch the live webcast at ir.homedepot.com, which will also be archived for later access. As of fiscal year 2021, The Home Depot operates 2,317 stores in the U.S., Canada, and Mexico, employing approximately 500,000 associates. The stock is traded on the NYSE under the symbol HD.
The Home Depot is introducing virtual workshops aimed at assisting Pro contractors in enhancing their business management skills. The interactive livestreams will occur bi-monthly, covering vital topics such as cash flow management and social media strategies. The inaugural workshop, scheduled for March 8, 2022, titled "Money in. Money Out. Manage Your Cashflow to Boost Your Business' Success," will be led by industry experts. Additionally, the Pro Xtra™ loyalty program offers exclusive benefits for members, enhancing their operational efficiency.
FAQ
What is the current stock price of Home Depot (HD)?
What is the market cap of Home Depot (HD)?
What does Home Depot sell?
How many stores does Home Depot operate?
What recent acquisitions has Home Depot made?
What is The Homer Fund?
How is Home Depot involved in sports sponsorships?
What sustainability initiatives does Home Depot have?
How did Home Depot perform financially in 2023?
Does Home Depot offer any financial benefits to shareholders?
What is the Retool Your School program?
How many employees does Home Depot have?
