Home Depot, Inc. reported its financial results for the third quarter of fiscal 2024, highlighting a notable increase in net sales but a decline in net earnings compared to the previous year. For Q3 2024, the company achieved net sales of $40.2 billion, reflecting a 6.6% increase from $37.7 billion in Q3 2023. However, net earnings for the quarter were $3.6 billion, or $3.67 per diluted share, down from $3.8 billion, or $3.81 per diluted share in the same period last year.
For the first nine months of fiscal 2024, Home Depot reported net sales of $119.8 billion, which is a 1.6% increase from $117.9 billion in the prior year. Net earnings for this period totaled $11.8 billion, or $11.90 per diluted share, a decrease from $12.3 billion, or $12.28 per diluted share in the first nine months of fiscal 2023.
The company's gross profit for Q3 2024 was $13.4 billion, resulting in a gross profit margin of 33.4%, slightly down from $12.7 billion and a margin of 33.8% in Q3 2023. Operating income remained stable at $5.4 billion, consistent with the previous year. Selling, general, and administrative (SG&A) expenses increased to $7.2 billion, representing 17.9% of net sales, compared to $6.6 billion, or 17.6% of net sales in Q3 2023.
Cash flow from operations for the first nine months of fiscal 2024 was reported at $15.1 billion. During this period, Home Depot paid $6.7 billion in cash dividends and repurchased $649 million in shares before pausing repurchases in March 2024.
The return on invested capital (ROIC) for the trailing twelve months was 31.5% as of Q3 2024, a decrease from 38.7% in Q3 2023. A significant strategic development during this period was the completion of the SRS acquisition on June 18, 2024, which contributed $2.9 billion to net sales in Q3 2024 and $4.2 billion in the first nine months of fiscal 2024.
As of November 12, 2024, Home Depot had 993,362,612 shares of common stock outstanding, with a par value of $0.05. The company continues to maintain its status as a large accelerated filer and has complied with all reporting requirements under the Securities Exchange Act of 1934.
About HOME DEPOT, INC.
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