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 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.
The Home Depot has launched a Hurricane & Storm Preparedness Livestream Workshop aimed at helping communities in storm-prone areas prepare for disasters. With NOAA predicting a record number of hurricanes, this initiative will provide essential safety tips and resources. The first workshop begins on Sept. 14 and will air weekly until the end of November. The workshops, free of charge, will cover emergency supply kits, storm tracking, and safety precautions. The Home Depot Foundation has committed $4 million towards disaster relief in 2020, supporting areas affected by various natural disasters.
The Home Depot Foundation announced a $4 million increase in its disaster response commitment for 2020, aimed at supporting communities affected by Hurricane Laura. This includes an additional $500,000 for nonprofit partners actively engaged in relief efforts. The Foundation is distributing relief kits and meals in the impacted areas while mobilizing warehouses nationwide. The company has also contributed to California wildfire relief by donating supplies. The Home Depot Foundation has invested over $350 million in veteran causes since 2011.
The Home Depot, the largest home improvement retailer worldwide, announced that Craig Menear, CEO, and Ted Decker, EVP of merchandising, will present at the Goldman Sachs 27th Annual Global Retailing Virtual Conference. The event is scheduled for September 10, 2020, at 11:40 a.m. ET. The presentation will be webcast live and archived for later access at ir.homedepot.com. The Home Depot operates 2,293 stores across the U.S., Canada, and Mexico, generating $110.2 billion in sales and $11.2 billion in earnings in fiscal 2019, and employs over 400,000 associates.
The Home Depot reported $38.1 billion in sales for Q2 2020, a 23.4% increase from Q2 2019. Comparable sales rose 23.4% overall, with U.S. comparable sales increasing 25%. Net earnings were $4.3 billion or $4.02 per diluted share, marking a 26.8% increase from the prior year. The company declared a cash dividend of $1.50 per share, payable on September 17, 2020.
Home Depot has invested $1.3 billion in enhanced pay and benefits amid COVID-19, ensuring continued service and support for its associates.
The Home Depot has donated over 500,000 Kids Workshop kits to more than 100 nonprofit organizations and schools during the COVID-19 pandemic, continuing to support children despite the pause of in-store classes. The company has partnered with social media influencers to offer virtual projects and provides free kits on the first Saturday of each month. Additionally, it launched free live-streaming workshops, including the Homeowner 101 series, aimed at new homeowners. In fiscal 2019, Home Depot reported sales of $110.2 billion.
The Home Depot announced plans to open three new distribution centers in Georgia over the next 18 months, creating around 1,000 jobs in the Atlanta area. The expansion aims to meet increasing demand for flexible delivery and pick-up options for both Pro and DIY customers. Part of a larger $1.2 billion investment initiated in 2017, the new centers will enhance same-day and next-day delivery capabilities. A significant facility will be established in Locust Grove, focusing on replenishment, while additional centers will support bulk deliveries and order fulfillment.
The Home Depot, the largest home improvement retailer globally, will hold its Second Quarter 2020 Earnings Conference Call on August 18, 2020, at 9 a.m. ET. The call will be accessible via webcast, which will also be archived for later viewing starting at noon on the same day. In fiscal 2019, the company reported $110.2 billion in sales and $11.2 billion in earnings, employing over 400,000 associates. The Home Depot trades on the NYSE under the ticker HD and is part of the Dow Jones and S&P 500 indices.
The Home Depot released its 2020 Responsibility Report, highlighting sustainability efforts and progress in corporate responsibility. Key commitments include generating 335 megawatts of renewable energy by 2025 and eliminating EPS foam and PVC from private brand packaging by 2023. The company has cut greenhouse gas emissions by 10% in 2019, significantly reducing electricity use in U.S. stores. Noteworthy social initiatives include over $1 billion in expanded COVID-19 benefits and a task force for racial equality, showcasing its focus on people, sustainability, and community strengthening.
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