Home Depot, Inc. reported a net sales increase of 4.5% for fiscal 2024, reaching $159.5 billion, compared to $152.7 billion in fiscal 2023. The fiscal year included 53 weeks, contributing approximately $2.5 billion to sales. Net earnings for the year were $14.8 billion, or $14.91 per diluted share, reflecting a slight decrease from $15.1 billion, or $15.11 per diluted share, in the previous year. The company attributed the sales growth primarily to the acquisition of SRS Distribution, which added $6.4 billion in net sales, while comparable sales decreased by 1.8%, driven by a decline in customer transactions amid a challenging macroeconomic environment.
In terms of strategic developments, Home Depot completed the acquisition of SRS on June 18, 2024, enhancing its position in the specialty trade distribution market. The acquisition is expected to accelerate growth with professional customers and improve service capabilities for complex project purchases. The company also opened ten new stores in the U.S. and two in Mexico during the fiscal year, bringing the total store count to 2,347. The company’s inventory turnover ratio improved to 4.7 times, up from 4.3 times in the previous year, indicating better inventory management.
Operationally, Home Depot reported a total employee headcount of approximately 470,100 as of the end of fiscal 2024. The company continues to focus on enhancing its interconnected shopping experience, with online sales accounting for 15.1% of total net sales, reflecting a 6.6% increase from the previous year. The company has invested significantly in technology and infrastructure to improve customer engagement and streamline operations, including a $3.5 billion capital expenditure for the year.
Looking ahead, Home Depot plans to invest approximately $4 billion in capital expenditures for fiscal 2025, focusing on technology enhancements and new store openings. The company has also announced a 2.2% increase in its quarterly cash dividend to $2.30 per share, demonstrating its commitment to returning value to shareholders. Despite the challenges posed by high interest rates and macroeconomic uncertainties, Home Depot remains optimistic about its growth prospects, particularly through its expanded capabilities in serving professional customers and enhancing its product offerings.
About HOME DEPOT, INC.
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