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 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.
The Home Depot announced the appointment of Paula Santilli, CEO of PepsiCo Latin America, and Caryn Seidman-Becker, CEO of CLEAR, to its board of directors effective March 1, 2022. This addition brings the total number of board members to 14. Santilli has extensive experience in retail and international operations, previously holding various roles at PepsiCo since 2001. Seidman-Becker, with a background in asset management and technology, aims to contribute strategic insights. The board changes are expected to enhance operational strategy and customer engagement.
The Home Depot reported strong financial results for Q4 and fiscal 2021, with sales of $35.7 billion, a 10.7% increase from the previous year, and a net income of $3.4 billion, or $3.21 per diluted share, reflecting a 21.1% rise.
For the entire fiscal year, sales reached $151.2 billion, up 14.4%, with net earnings of $16.4 billion, translating to $15.53 per diluted share, a 30.1% increase.
A 15% dividend increase to $1.90 per share was announced, marking the 140th consecutive quarter of cash dividends.
The Home Depot, the leading home improvement retailer, has scheduled its Fourth Quarter & Fiscal 2021 Earnings Conference Call for February 22, 2022, at 9 a.m. ET. During this call, the company will share initial guidance for Fiscal 2022 and provide an update on its strategic initiatives. The call is expected to conclude by 10:30 a.m. ET. The Home Depot currently operates 2,317 stores across the U.S., Canada, and Mexico, employing approximately 500,000 associates. HD is traded on the NYSE and included in major indices like the Dow Jones and S&P 500.
The Home Depot is adding over 100,000 new associates for the spring season, responding to increased home investment by customers. Job positions include customer service, sales, freight, and warehouse roles, with a focus on flexible full-time and part-time availability. The company will hold a Virtual Spring Career Day on Feb. 16, 2022, offering insights into career opportunities and growth. Additionally, Home Depot offers various benefits, including a success sharing bonus program, upskilling initiatives, and educational reimbursement, totaling over $1 billion awarded to associates in the past three years.
The Home Depot announced the appointment of Edward "Ted" Decker as CEO and president, effective March 1, 2022. Decker, who has been with the company for 22 years, previously served as president and COO, managing global operations and merchandising. Craig Menear will continue as Chair of the Board. Greg Brenneman, the lead director, praised Menear's leadership in fostering a strong management team and driving strategic vision. The Home Depot operates 2,317 stores globally and employs around 500,000 associates, with its stock traded on NYSE under the symbol HD.
The Home Depot has launched enhanced commercial credit offerings aimed at Pro Customers, introducing the Pro Xtra Credit Card and updates to the Commercial Account Card, both backed by Citi Retail Services. These cards provide Pro Xtra members with benefits such as a $100 credit upon opening a new Pro Xtra Credit Card and the ability to earn Pro Xtra Perks four times faster. The enhancements include extended return periods, itemized billing, and flexible billing preferences, including a 2% early payment discount. These changes aim to improve the shopping experience for professional customers.
The Home Depot has expanded its military discount to include all U.S. veterans, active service members, and their spouses. Starting December 28, 2021, eligible customers can receive a 10% discount on purchases by pre-registering via The Home Depot app, making it easier to use both in-store and online. The Home Depot Foundation has invested over $400 million in veteran causes since 2011 and aims to invest $500 million by 2025. The company employs approximately 500,000 associates, including over 35,000 veterans and military spouses.
The Home Depot, the leading home improvement retailer, announced that Richard McPhail, CFO, will present at the Morgan Stanley Global Consumer & Retail Virtual Conference on December 2, 2021, starting at 12:10 p.m. ET. The presentation will be available via live webcast and archived afterward. As of Q3, The Home Depot operates 2,317 stores across the U.S., Canada, and Mexico, employing around 500,000 people. The company's stock trades on NYSE under the symbol HD and is part of the Dow Jones Industrial Average and S&P 500.
The Home Depot, the largest home improvement retailer, declared a cash dividend of $1.65 per share for Q3 2021. This dividend will be paid on December 16, 2021, to shareholders on record by the close of business on December 2, 2021. This marks the 139th consecutive quarter of cash dividends paid by the company. As of Q3, Home Depot operates 2,317 retail stores across North America and reported $132.1 billion in sales and $12.9 billion in earnings for fiscal 2020.
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