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The Home Depot, Inc. - $HD STOCK NEWS

Welcome to our dedicated page for The Home Depot news (Ticker: $HD), a resource for investors and traders seeking the latest updates and insights on The Home Depot stock.

The Home Depot, Inc. (NYSE: HD) is a leading American multinational home improvement retailer. Founded in 1978, it has grown to become the largest home improvement specialty retailer in the world. The company operates more than 2,300 warehouse-format stores across the United States, Canada, and Mexico, offering a vast array of products that range from tools and construction materials to appliances and services, including fuel and transportation rentals.

Home Depot's stores provide customers with more than 30,000 products in-store and over 1 million products online. Its extensive product line caters to both DIY enthusiasts and professional contractors, featuring building materials, home improvement products, lawn and garden products, and decor items. The company also offers various services such as home improvement installations and tool and equipment rentals.

In 2015, Home Depot acquired Interline Brands, marking its entry into the maintenance, repair, and operations (MRO) business, which was further expanded with the acquisition of HD Supply in 2020. Additionally, the acquisition of The Company Store provided a foothold in the textile market, while Redi Carpet added multifamily flooring to its portfolio.

Despite a modest sales decline in 2023 following three years of significant growth, Home Depot continues to invest in its business operations. The company reported fiscal 2023 sales of $152.7 billion, a 3% decrease from fiscal 2022. Net earnings for fiscal 2023 stood at $15.1 billion, down from $17.1 billion in the previous year. In response, Home Depot has implemented several initiatives to enhance its business, including the creation of interconnected retail experiences and the expansion of its store network.

Home Depot recently announced a 7.7% increase in its quarterly dividend, highlighting its strong financial health and commitment to returning value to shareholders. The company also continues to strengthen its community engagement through initiatives like The Homer Fund, which has granted over $250 million to associates in need since 1999.

In terms of recent developments, Home Depot has entered into a definitive agreement to acquire SRS Distribution Inc., a leader in residential specialty trade distribution. This acquisition is expected to enhance Home Depot's capabilities in serving professional customers, adding significant value and expanding its market presence.

Furthermore, The Home Depot is actively involved in collegiate sports, having recently become an official corporate partner of the NCAA. The partnership includes rights across all 90 NCAA championships, aligning with Home Depot's busiest selling season and enhancing its engagement with sports fans and customers alike.

Home Depot is also committed to sustainability and community support, with initiatives like organic gardening products, native plants, and disaster relief efforts through The Home Depot Foundation. The company's Retool Your School program provides grants to Historically Black Colleges and Universities (HBCUs) for campus enhancements, further showcasing its dedication to community development.

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The Home Depot (NYSE: HD) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for its pending acquisition of SRS Distribution Inc. has expired as of 11:59 p.m. on June 13, 2024.

This expiration satisfies a important condition for the completion of the transaction. The acquisition is expected to finalize around June 18, 2024, pending the satisfaction or waiver of customary closing conditions.

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The Home Depot Foundation is enhancing disaster preparedness in remote U.S. areas ahead of the hurricane season. Following a year marked by $28 billion in weather-related disasters, the Foundation collaborates with nonprofit organizations to stage supplies for immediate and long-term disaster response. Key initiatives include a partnership with Mercy Corps' Caribbean Resilience Initiative to support Puerto Rico and the U.S. Virgin Islands, as well as efforts to expand emergency food distribution in Alaska. The goal is to equip local organizations for quick and effective disaster response.

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The Home Depot Foundation has committed over $6 million to various national and local nonprofits to aid communities in preparing for and recovering from natural disasters. This initiative focuses on equipping response organizations in remote areas with necessary supplies and equipment for timely disaster response. Key partners include Mercy Corps in the Caribbean, expanding emergency food distribution in Alaska, and ongoing support for long-term recovery in areas affected by wildfires in California and historic flooding in Kentucky. Additional support includes grants for organizations like Operation Blessing, American Red Cross, and World Central Kitchen.

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The Home Depot has appointed Jordan Broggi as EVP of Customer Experience and President of Online, effective June 3, 2024. Broggi, with 11 years at the company, will oversee online operations, merchandising strategy, and customer experience for The Home Depot's digital properties. He previously served as SVP and President of Online, and SVP of Finance. Matt Carey, current EVP of Customer Experience, will retire on December 31, 2024, after 16 years at The Home Depot. During his tenure, Carey led significant technological advancements, transforming The Home Depot into an interconnected retailer.

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Morris Brown College, a historically Black college in Atlanta, Georgia, has faced significant challenges, nearly closing in 2012. However, it has shown resilience, graduating its largest class in 20 years as of May 2024.

Supporting this resurgence, The Home Depot's Retool Your School program is facilitating campus transformations. Since its inception in 2009, the program has invested over $12 million in needs-based grants for HBCU campus renovations.

President Kevin James emphasized the important role of community support in the college's growth and resurgence. For more information on this year's Retool Your School winners, visit RetoolYourSchool.com.

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The Home Depot and Instacart have announced a nationwide partnership to offer same-day delivery from nearly 2000 store locations across the U.S. Customers can order a wide range of home improvement items, including garden essentials, building supplies, and light fixtures, on Instacart’s platform and receive deliveries in as fast as an hour. The service, which includes Instacart's Big & Bulky fulfillment solution, covers heavy items up to 60 pounds. This expansion follows a successful pilot earlier this year and aims to enhance The Home Depot's e-commerce capabilities. The partnership facilitates greater flexibility and convenience for customers.

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The Home Depot, the world's largest home improvement retailer, announced a first-quarter cash dividend of $2.25 per share, payable on June 13, 2024, to shareholders of record as of May 30, 2024.

This marks the 149th consecutive quarter that the company has issued a cash dividend.

As of the end of Q1 2024, Home Depot operates 2,337 stores across various regions including all 50 U.S. states, Canada, Mexico, and several U.S. territories. The company employs around 465,000 associates.

Home Depot's stock is traded on the NYSE under the ticker symbol HD and is a component of both the Dow Jones Industrial Average and the S&P 500 index.

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The Home Depot has launched a Military Moving hub to support military families with relocations, unveiled on Armed Forces Day. The hub provides tailored information to help military families save time and money during Personally Procured Moves (PPM), including a downloadable permanent change of station (PCS) checklist. With frequent relocations being a significant challenge for military families, this initiative aims to alleviate stress and offer convenience. The hub features moving truck rentals, boxes, décor, cleaning materials, and exclusive discounts, such as a 10% off benefit for active military, veterans, and their spouses. Additionally, Penske truck rentals are discounted by 15% for military personnel, and tax-free shopping is available through military exchange services. The Home Depot has pledged significant investments in veteran causes, totaling over $500 million since 2011, and plans to invest $750 million by 2030.

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The Home Depot has launched a Military Moving Hub to support U.S. Armed Forces and their families during relocations. Announced on May 15, 2024, to coincide with Armed Forces Day, the program offers exclusive discounts and resources tailored to military personnel. The hub provides information to help military families save time and money on Personally Procured Moves (PPM) and features a downloadable permanent change of station (PCS) checklist. Military families, who often relocate every 2-3 years, can access moving truck rentals with a 15% discount and a 10% discount on eligible purchases year-round. The Home Depot also partners with Military Exchange Services for tax-free shopping on major appliances. This initiative is part of The Home Depot's ongoing commitment to veteran causes, with significant investments planned through The Home Depot Foundation.

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The Home Depot reported its fiscal 2024 first-quarter results with sales of $36.4 billion, down 2.3% year-over-year. Comparable sales fell 2.8%, with U.S. comparable sales down 3.2%. Earnings were $3.6 billion, or $3.63 per diluted share, compared to $3.9 billion, or $3.82 per diluted share, a year prior. The company reaffirmed its fiscal 2024 guidance, projecting 1.0% sales growth and a comparable sales decline of 1.0%. It also announced a definitive agreement to acquire SRS Distribution Inc. but noted the guidance does not account for this acquisition. The 53rd week is expected to add $2.3 billion in sales and $0.30 in EPS. The Home Depot operates 2,337 retail stores globally and employs 465,000 associates.

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FAQ

What does Home Depot sell?

Home Depot sells a wide range of products including tools, construction materials, appliances, home improvement products, lawn and garden products, and decor items. They also offer services like home improvement installations and tool and equipment rentals.

How many stores does Home Depot operate?

Home Depot operates over 2,300 warehouse-format stores across the United States, Canada, and Mexico.

What recent acquisitions has Home Depot made?

Home Depot acquired Interline Brands in 2015, HD Supply in 2020, and recently announced a definitive agreement to acquire SRS Distribution Inc.

What is The Homer Fund?

The Homer Fund is an initiative by Home Depot that has granted over $250 million to more than 180,000 associates in need since 1999.

How is Home Depot involved in sports sponsorships?

Home Depot is an official corporate partner of the NCAA, with rights across all 90 NCAA championships. They also have a long-standing commitment to collegiate sports, including a partnership with CBS Sports' college football coverage.

What sustainability initiatives does Home Depot have?

Home Depot offers organic gardening products, native plants, and partners with local growers to support environmentally beneficial practices. They also engage in disaster relief and community support through The Home Depot Foundation.

How did Home Depot perform financially in 2023?

In fiscal 2023, Home Depot reported sales of $152.7 billion, a 3% decrease from fiscal 2022. Net earnings were $15.1 billion, compared to $17.1 billion in the previous year.

Does Home Depot offer any financial benefits to shareholders?

Yes, Home Depot recently announced a 7.7% increase in its quarterly dividend to $2.25 per share, which equates to an annual dividend of $9.00 per share.

What is the Retool Your School program?

The Retool Your School program by Home Depot provides grants to Historically Black Colleges and Universities (HBCUs) for campus enhancements. Since its inception in 2009, the program has invested more than $12 million in financial support.

How many employees does Home Depot have?

Home Depot employs approximately 465,000 associates.

The Home Depot, Inc.

NYSE:HD

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