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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.
The Home Depot is celebrating 25 years of The Homer Fund, a nonprofit that provides financial assistance to associates facing unforeseen hardships. Since its inception, the fund has awarded $267 million to 185,000 associate families for basic living expenses. This milestone reflects Home Depot's commitment to supporting its workforce, which has contributed to the company's recent recognition on Fortune's Most Admired Companies and Newsweek's Most Trusted Brands lists.
The impact of The Homer Fund is illustrated through the story of Latoya, a 22-year store associate who received support for living expenses and specialized daycare costs when her son was hospitalized. This exemplifies how the fund helps associates navigate challenging personal circumstances while maintaining their employment.
The Home Depot Foundation is investing $9 million to provide housing solutions for over 3,400 homeless veterans. This funding will support the construction of 300 new housing units and the repair of around 200 additional units across the nation. Collaborations with national and local nonprofits will facilitate these efforts. The initiative also includes landlord incentive programs that have seen success in cities like Los Angeles and Chicago. The Foundation aims to counter the rising number of homeless veterans, which was recorded at 35,000 on any given night. Additional funding will support research on housing needs for aging, rural, low-income, and disabled veterans.
The Home Depot has finalized the acquisition of SRS Distribution for $18.25 billion. SRS specializes in residential specialty trade distribution for professionals like roofers, landscapers, and pool contractors. Announced on March 28, 2024, the deal aims to enhance The Home Depot's market reach and service capabilities.
According to CEO Ted Decker, SRS will fit well with The Home Depot's growth strategy, adding value through its strong vision and leadership. The acquisition elevates The Home Depot's total addressable market to around $1 trillion, increasing by $50 billion. The synergy between the two companies aims to bolster service quality and strengthen The Home Depot's leadership in multiple specialty trade verticals.
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.
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.
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.
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.
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.
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.
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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