Home Depot Non-GAAP EPS of $4.67 beats by $0.12, revenue of $43.2B beats by $490M

The company updated its fiscal 2024 guidance, which includes 53 weeks of operating results, to reflect the performance in the first half of fiscal 2024 and include SRS:

• Total sales to increase between 2.5% and 3.5% including 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 between 3% and 4% for the 52-week period compared to fiscal 2023
  • Comparable sales decline of 3% implies a consumer demand environment consistent with the first half of fiscal 2024
  • While comparable sales for the company are not currently on the trajectory for the low end of the range, a 4% decline implies incremental pressure on consumer demand
• 53-week adjusted diluted earnings-per-share to decline between 1% and 3%
  • 53^rd week expected to contribute approximately $0.30 of adjusted diluted earnings per share compared to fiscal 2023