Home Depot's second quarter financial report for 2024 is released, with revenue reaching US$6.5 billion

It is learned that on August 13, the US home furnishing retail giant Home Depot released its second quarter financial report for 2024. The report showed that Home Depot's second quarter operating income was US$6.5 billion, compared with US$6.6 billion in the same period last year.

Here is a summary of Home Depot's second-quarter financial results:

Sales were $43.2 billion, up 0.6% year-on-year

Comparable sales fell 3.3% and U.S. comparable sales fell 3.6%

Revenue was $6.5 billion, with an operating margin of 15.1%, compared to $6.6 billion in the same period last year

Net profit was $4.6 billion, compared with $4.7 billion in the same period last year

Ted Decker, chairman, president and CEO of Home Depot, said that this quarter, rising interest rates and increased macroeconomic uncertainty put more pressure on consumer demand, resulting in reduced spending on home improvement projects, while weak spring sales were also affected by extreme weather changes. Online sales increased by about 4% year-on-year, and nearly half of the orders were completed through stores. This quarter, Home Depot also expanded its cooperation with Instacart to improve e-commerce delivery capabilities.

Looking ahead, Home Depot expects full-year fiscal 2024 total sales to increase by 2.5% to 3.5%, comparable sales to decline by 3% to 4%, gross margin to be approximately 33.5%, and operating margin to be between 13.5% and 13.6%.

Author ✎Rayna/

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