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 Q1 fiscal 2021 sales of $37.5 billion, marking a 32.7% increase from Q1 fiscal 2020. Comparable sales rose 31.0% overall, with 29.9% in the U.S. Net earnings reached $4.1 billion or $3.86 per diluted share, up from $2.2 billion or $2.08 per diluted share last year. This represents an impressive 85.6% increase in diluted earnings per share. CEO Craig Menear highlighted the company's strong performance and resilience amid high demand for home improvement projects.
The Home Depot announced its First Quarter Earnings Conference Call scheduled for May 18, 2021, at 9 a.m. ET. The call will provide insights into the company's performance, with a webcast accessible via their investor relations page. The Home Depot, operating 2,298 retail locations across North America, reported $132.1 billion in sales and $12.9 billion in earnings for fiscal 2020. As the largest home improvement retailer, the company employs approximately 500,000 associates and is a component of the Dow Jones Industrial Average and S&P 500.
The Home Depot has announced its participation as a Southeast sponsor of SkillsUSA's National Signing Day 2021, recognizing students entering skilled trades. As part of this initiative, the company awarded $30,000 in scholarships to six students pursuing careers in building and construction trades. The Home Depot Foundation's Path to Pro program has exposed over 15,000 individuals to skilled trades and certified more than 5,000 participants. The Home Depot's commitment to supporting the next generation of tradespeople underscores its role in the construction industry.
The Home Depot has announced new resources for natural disaster preparedness coinciding with National Hurricane Preparedness Week and National Wildfire Preparedness Month. The company's Weather Center Hub now offers critical tools, including a Storm Preparedness checklist. Additionally, free disaster preparedness workshops will begin in June. The Home Depot Foundation has committed $4.1 million to disaster response in 2021, aiding recovery efforts post-tornadoes and wildfires, including a recent allocation of $500,000 for winter storm relief.
The Home Depot has opened three new distribution centers in South Florida, specifically in West Palm Beach, Miami, and Fort Myers, aimed at enhancing delivery services for Pro and DIY customers. A new 332,000-square-foot facility in Miami will handle oversized products. The company plans to add two more centers in Miami by 2022, leading to over 150 new job opportunities in the region. These expansions are part of Home Depot's ongoing $1.2 billion supply chain investment, which includes building approximately 150 new facilities nationwide.
The Home Depot has announced its commitment to $1 million for the 12th year of the Retool Your School program, supporting 30 campus improvement projects at Historically Black Colleges and Universities (HBCUs), marking the highest number of projects funded in a single year. Tougaloo College was awarded $120,000 for its Campaign of the Year. The virtual winners ceremony took place on April 14, 2021, hosted by Laz Alonso, and featured keynote speaker Ruth E. Carter. Since 2009, The Home Depot has invested over $4 million for improvements at 87% of U.S. HBCUs.
The Home Depot, the leading home improvement retailer, announced that Richard McPhail, CFO, will present at the J.P. Morgan 7th Annual Retail Round-Up Virtual Conference on April 15, 2021, at 1:10 p.m. ET. The event will be webcast live, with an archived version available post-event. With 2,298 stores across various locations and sales of $132.1 billion in fiscal 2020, The Home Depot employs approximately 500,000 associates. The stock is traded on NYSE as HD and is part of the Dow Jones Industrial Average.
The Home Depot partners with Habitat for Humanity to support community spring projects, donating over $200,000 in products. This initiative continues a decade-long collaboration that has seen over $24 million granted to Habitat's Repair Corps program since 2011. The first project will enhance the Female Veterans Village in Brevard County, Florida. The partnership aims to empower communities with tools and resources for local revitalization efforts. The Home Depot encourages everyone to engage in DIY projects this spring.
The Home Depot, the largest home improvement retailer globally, has launched a new range of cordless outdoor power equipment, enhancing its offerings for both DIY and professional customers. This new lineup includes products from brands like Ryobi, DeWalt, Makita, and Milwaukee, which emphasize ease of use and environmental benefits. Key products include the RYOBI 40-Volt HP Self-Propelled Mower and the DeWalt 20-Volt MAX Push Mower, among others. The equipment is designed to provide the power and runtime of gas machines without carbon emissions.
The Home Depot Foundation has committed up to $500,000 for relief efforts in response to the devastating winter storms, Uri and Viola. This brings the Foundation's total commitment for 2021 to $4.1 million, including annual grants of $3.6 million to disaster relief partners. The funds will assist with immediate needs like distributing water and essential supplies, as well as short-term recovery efforts. The Foundation collaborates with major nonprofits to address damage in affected areas, particularly in Texas, where it has established connections.
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