The Home Depot reported sales of $40.2 billion for the third quarter of fiscal 2024, an increase of 6.6% compared to the prior year, exceeding expectations. This growth was significantly fueled by the newly acquired SRS Distribution business and a boost from hurricane-related repairs and favorable weather conditions.
Despite the overall sales increase, comparable sales for the quarter decreased by 1.3% across the business, with U.S. comparable sales declining by 1.2%. Net earnings for the quarter were $3.6 billion, or $3.67 per diluted share, a decrease from $3.8 billion, or $3.81 per diluted share, in the same period last year.
The company updated its fiscal 2024 guidance, now projecting total sales growth of approximately 4%, up from the previous range of 2.5% to 3.5%. This revised outlook includes the impact of the SRS acquisition and a 53rd week in the fiscal year, while comparable sales are expected to decline by about 2.5% for the 52-week period, an improvement from the prior forecast of a 3% to 4% drop.
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