Home Depot Non-GAAP EPS of $3.78 beats by $0.13, revenue of $40.2B beats by $980M

Home Depot press release (NYSE:HD): Q3 Non-GAAP EPS of $3.78 beats by $0.13.
Revenue of $40.2B (+6.6% Y/Y) beats by $980M.
Comparable sales for the third quarter of fiscal 2024 decreased 1.3%, and comparable sales in the U.S. decreased 1.2%.
Fiscal 2024 Guidance
The company updated its fiscal 2024 guidance, which includes 53 weeks of operating results:
- Total sales to increase approximately 4% including SRS and the 53^rd week
  - 53^rd week projected to add approximately $2.3 billion to total sales
  - SRS expected to contribute approximately $6.4 billion in incremental sales
- Comparable sales to decline approximately 2.5% for the 52-week period compared to fiscal 2023
- Approximately 12 new stores
- Gross margin of approximately 33.5%
- Operating margin of approximately 13.5%
- Adjusted operating margin of approximately 13.8%
- Tax rate of approximately 24%
- Net interest expense of approximately $2.1 billion
- 53-week diluted earnings-per-share to decline approximately 2% from $15.11 in fiscal 2023
  - 53^rd week expected to contribute approximately $0.30 of diluted earnings per share compared to fiscal 2023
- 53-week adjusted diluted earnings-per-share to decline approximately 1% from $15.25 in fiscal 2023
  - 53^rd week expected to contribute approximately $0.30 of adjusted diluted earnings per share compared to fiscal 2023

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