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 has successfully acquired HD Supply for an enterprise value of approximately $8 billion. This acquisition positions Home Depot as a key player in the $55 billion maintenance, repair, and operations (MRO) market, complementing its existing business. The tender offer for HD Supply's shares concluded with 82.9% of shares tendered. Shareholders will receive $56 per share in cash. The acquisition is expected to enhance Home Depot's service capabilities for MRO customers and support future growth in the sector.
The Home Depot announced plans to open two new distribution centers in Perth Amboy, New Jersey, within the next year, aiming to enhance delivery options for customers. This expansion is expected to create over 400 jobs in the tri-state area. The new facilities will include a 333,000 square-foot flatbed delivery center to facilitate same-day and next-day delivery for large orders. The company's ongoing commitment to its supply chain includes a $1.2 billion investment announced in 2017, which is part of a larger strategy to build 150 new facilities nationwide.
The Home Depot announced the expansion of its Foundation's $50 million trades training commitment with a new program, Path to Pro, aimed at addressing the skilled labor gap. With 83% of contractors struggling to find skilled workers, this initiative will offer education and job placement for tradespeople. The company is investing in training programs and a centralized website for resources, including job openings and licensing requirements. Over 15,000 people have already been exposed to skilled trades through its initiatives.
The Home Depot announced a $1.50 cash dividend per share for Q3, payable on December 17, 2020, to shareholders on record by December 3, 2020. This marks the 135th consecutive quarter of dividend payments. The company, recognized as the world's largest home improvement retailer, had $110.2 billion in sales and $11.2 billion in earnings in fiscal 2019, operating over 2,295 stores across North America and employing more than 400,000 associates.
The Home Depot reported a strong performance for Q3 fiscal 2020, with sales reaching $33.5 billion, an increase of 23.2% year-over-year. Comparable sales rose 24.1%, with U.S. comparable sales at 24.6%. Net earnings for the quarter were $3.4 billion, or $3.18 per diluted share, a 25.7% increase from the previous year. The company is investing approximately $1 billion annually in permanent compensation enhancements for frontline associates. Home Depot operates 2,295 stores and employs over 400,000 associates.
The Home Depot, the world’s largest home improvement retailer, has announced its Third Quarter 2020 Earnings Conference Call set for November 17, 2020, at 9 a.m. ET. The discussion will be accessible via a webcast on their investor relations website, with an archive available post-event. In fiscal 2019, The Home Depot reported sales of $110.2 billion and earnings of $11.2 billion. The company operates 2,295 retail stores across multiple regions, including the U.S., Canada, and Mexico, and employs over 400,000 associates.
The Home Depot, the largest home improvement retailer, announced the addition of a new educational video series called Virtual Field Trips to its digital DIY workshops. This series will provide kids exclusive behind-the-scenes tours and insights into product creation. Launching with Bonnie Plants in October and Back to the Roots in November, these tours aim to engage young learners with creative, interactive content. Additionally, The Home Depot plans to expand its partnership with Discovery Education in spring 2021 to enhance digital resources available through Science Fair Central.
The Home Depot has appointed Edward "Ted" P. Decker as president and chief operating officer, effective October 5, 2020. Decker, a 20-year veteran, was previously executive vice president of merchandising. His new role encompasses global store operations and supply chain management. Ann-Marie Campbell has been promoted to executive vice president of U.S. stores and international operations, overseeing operations in Canada and Mexico. Jeff Kinnaird takes over as executive vice president of merchandising, while Michael Rowe becomes president of The Home Depot Canada. Richard McPhail will now lead corporate strategy.
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