by Company said results exceeded expectations as consumers continued their spending on home improvement projects
ATLANTA — Home improvement retailer Home Depot reported an increase in sales for both its fiscal fourth quarter and full year ended Feb. 2.
The company reported Q4 sales of $39.7 billion, up 14.1% from $34.8 billion the same period last year. Comparable-store sales rose .8%, and comparable sales in the U.S. rose 1.3%. Part of the increase was related to an extra week in the fourth quarter, which added about $2.5 billion in sales for the quarter and the year. The company said the additional week was not included in comparable-store sales results for the quarter or the year.
Net income for the quarter was $3 billion, or $3.02 per share, compared with $2.8 billion, or $2.82 per share, in the same period last year. The 14th week added about 30 cents per share to the earnings per share for the quarter and the year.
Sales for the full fiscal year 2024 totaled $159.5 billion, up 4.5% from $152.7 billion the same period the year prior. Comparable-store sales for the fiscal year decreased 1.8%, and comparable-store sales in the U.S. decreased 1.8%.
Net income for the full year was $14.8 billion, or $14.96 per share, down from $15.1 billion, or $15.16 per share, a year earlier.
“Our fourth-quarter results exceeded our expectations as we saw greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects,” said Ted Decker, chair, president and chief executive officer. “Throughout the year, we remained steadfast in our investments across our strategic initiatives to position ourselves for continued success, despite uncertain macroeconomic conditions and a higher interest rate environment that impacted home improvement demand. I would like to thank our associates for all that they do to serve our customers and communities.”
Other highlights of the quarterly and full-year report were as follows:
+ The company reported operating income of $4.5 billion for the quarter, compared with $4.1 billion the same period last year.
+ It reported a gross profit of $13 billion, compared with $11.5 billion for the same period last year.
+ It reported operating income of $21.5 billion for the full year, compared with $21.7 billion a year earlier.
+ Its gross profit for the year was $53.3 billion, compared with $51 billion a year earlier.
As part of its earnings statement, the company also offered guidance for its full fiscal year 2025, which has 52 weeks compared to 53 weeks in FY 2024.
+ It projects total sales growth of about 2.8%.
+ It projects comparable sales growth of about 1% for the comparable 52-week period.
+ It expects to open about 13 new stores.
+ Gross margin is projected at 33.4%.
+ It projects an operating margin of about 13%.
+ It anticipates capital expenditures of approximately 2.5% of total sales.
Furniture remains part of mix of product available through Home Depot’s website, www.homedepot.com. Core categories such as bedroom, dining and living room furniture are offered for sale on the site, with delivery to the customer’s home or for pickup at their local store.
In 2023, the latest full year for which sales figures were available, it did an estimated $770 million in furniture and bedding sales, placing it at No. 25 on Home News Now’s 125 Furniture & Bedding Retailers.
