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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 20, 2024
__________________
THE HOME DEPOT, INC.
(Exact Name of Registrant as Specified in Charter)
 __________________
Delaware1-820795-3261426
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)
2455 Paces Ferry Road, Atlanta, Georgia 30339
(Address of Principal Executive Offices) (Zip Code)
(770) 433-8211
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
  __________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.05 Par Value Per ShareHDNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



 
Item 2.02.     Results of Operations and Financial Condition.
On February 20, 2024, The Home Depot, Inc. (the “Company”) issued a press release, attached as Exhibit 99.1 and incorporated herein by reference, announcing the Company’s financial results for the fiscal quarter and fiscal year ended January 28, 2024.
The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01.     Financial Statements and Exhibits.
(d)     Exhibits.
Exhibit Description
 
104The cover page of this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).
2


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
THE HOME DEPOT, INC.
By:/s/ Richard V. McPhail
Name:Richard V. McPhail
     Title:Executive Vice President and Chief Financial Officer
Date: February 19, 2024
3

Exhibit 99.1
thdpms5prcntrulemediuma21a.jpg

The Home Depot Announces Fourth Quarter and Fiscal 2023 Results;
Increases Quarterly Dividend by 7.7%;
Provides Fiscal 2024 Guidance


ATLANTA, February 20, 2024 -- The Home Depot®, the world's largest home improvement retailer, today reported fourth quarter and fiscal 2023 results.

Fourth Quarter 2023

Sales for the fourth quarter of fiscal 2023 were $34.8 billion, a decrease of 2.9% from the fourth quarter of fiscal 2022. Comparable sales for the fourth quarter of fiscal 2023 decreased 3.5%, and comparable sales in the U.S. decreased 4.0%.

Net earnings for the fourth quarter of fiscal 2023 were $2.8 billion, or $2.82 per diluted share, compared with net earnings of $3.4 billion, or $3.30 per diluted share, in the same period of fiscal 2022. For the fourth quarter of fiscal 2023, diluted earnings per share decreased 14.5% from the same period in the prior year.

Fiscal 2023

Sales for fiscal 2023 were $152.7 billion, a decrease of 3.0%, from fiscal 2022. Comparable sales for fiscal 2023 decreased 3.2%, and comparable sales in the U.S. decreased 3.5%.

Net earnings for fiscal 2023 were $15.1 billion, or $15.11 per diluted share, compared with net earnings of $17.1 billion, or $16.69 per diluted share in fiscal 2022. For fiscal 2023, diluted earnings per share decreased 9.5% versus last year.

“After three years of exceptional growth for our business, 2023 was a year of moderation,” said Ted Decker, chair, president, and CEO. “During fiscal 2023, we focused on several initiatives to strengthen the business while also staying true to our strategic investments of creating the best interconnected experience, growing our pro wallet share through our unique ecosystem of capabilities, and building new stores. We remain excited about the future for home improvement and our ability to grow share in our large and fragmented market, which we estimate to be over $950 billion. I also want to thank our associates for their hard work and dedication to serving our customers and communities.”

Dividend Declaration

The Company today announced that its board of directors approved a 7.7% increase in its quarterly dividend to $2.25 per share, which equates to an annual dividend of $9.00 per share.




The dividend is payable on March 21, 2024, to shareholders of record on the close of business on March 7, 2024. This is the 148th consecutive quarter the Company has paid a cash dividend.

Fiscal 2024 Guidance

The company will have 53 weeks of operating results in fiscal 2024 and provides the following guidance for fiscal 2024:

Total sales growth of approximately 1.0% including the 53rd week
53rd week projected to add approximately $2.3 billion to total sales
Comparable sales to decline approximately 1.0% for the 52-week period
Approximately 12 new stores
Gross margin of approximately 33.9%
Operating margin of approximately 14.1%
Tax rate of approximately 24.5%
Net interest expense of approximately $1.8 billion
53-week diluted earnings-per-share-percent growth of approximately 1.0%
53rd week expected to contribute approximately $0.30 of diluted earnings per share

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.

At the end of the fourth quarter, the company operated a total of 2,335 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 465,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

###

Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services, including as a result of macroeconomic conditions; net sales growth; comparable sales; the effects of competition; our brand and reputation; implementation of interconnected retail, store, supply chain and technology initiatives; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer credit; the impact of tariffs; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt our business, supply chain, technology infrastructure, or demand for our products and services, such as international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, geopolitical conflicts, military conflicts, or acts of war; our ability to maintain a safe and secure store environment; our ability to address expectations regarding environmental, social and governance matters and meet related goals; continuation or suspension of share repurchases; net earnings performance; earnings per share; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; store openings and closures; guidance for fiscal 2024 and beyond; financial outlook; and the impact of acquired companies on our organization and the ability to recognize the anticipated benefits of any acquisitions.




Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 29, 2023 and also as may be described from time to time in future reports we file with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.

For more information, contact:
Financial CommunityNews Media
Isabel JanciSara Gorman
Vice President of Investor Relations and TreasurerSenior Director of Corporate Communications
770-384-2666770-384-2852
isabel_janci@homedepot.comsara_gorman@homedepot.com




THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
 Three Months EndedFiscal Year Ended
in millions, except per share dataJanuary 28,
2024
January 29,
2023
% ChangeJanuary 28,
2024
January 29,
2023
% Change
Net sales$34,786 $35,831 (2.9)%$152,669 $157,403 (3.0)%
Cost of sales23,278 23,905 (2.6)101,709 104,625 (2.8)
Gross profit11,508 11,926 (3.5)50,960 52,778 (3.4)
Operating expenses:
Selling, general and administrative6,679 6,549 2.0 26,598 26,284 1.2 
Depreciation and amortization686 625 9.8 2,673 2,455 8.9 
Total operating expenses7,365 7,174 2.7 29,271 28,739 1.9 
Operating income4,143 4,752 (12.8)21,689 24,039 (9.8)
Interest and other (income) expense:
Interest income and other, net(55)(43)27.9 (178)(55)N/M
Interest expense513 451 13.7 1,943 1,617 20.2 
Interest and other, net458 408 12.3 1,765 1,562 13.0 
Earnings before provision for income taxes
3,685 4,344 (15.2)19,924 22,477 (11.4)
Provision for income taxes884 982 (10.0)4,781 5,372 (11.0)
Net earnings$2,801 $3,362 (16.7)%$15,143 $17,105 (11.5)%
Basic weighted average common shares991 1,015 (2.4)%999 1,022 (2.3)%
Basic earnings per share$2.83 $3.31 (14.5)$15.16 $16.74 (9.4)
Diluted weighted average common shares994 1,018 (2.4)%1,002 1,025 (2.2)%
Diluted earnings per share$2.82 $3.30 (14.5)$15.11 $16.69 (9.5)
Three Months Ended Fiscal Year Ended
Selected Sales Data (1)
January 28,
2024
January 29,
2023
% ChangeJanuary 28,
2024
January 29,
2023
% Change
Customer transactions (in millions)372.0 378.5 (1.7)%1,621.8 1,666.4 (2.7)%
Average ticket $88.87 $90.05 (1.3)$90.07 $90.36 (0.3)
Sales per retail square foot
$550.50 $571.15 (3.6)$604.55 $627.17 (3.6)
 —————
(1)Selected Sales Data does not include results for HD Supply.



 






THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
in millionsJanuary 28,
2024
January 29,
2023
Assets
Current assets:
Cash and cash equivalents$3,760 $2,757 
Receivables, net3,328 3,317 
Merchandise inventories20,976 24,886 
Other current assets1,711 1,511 
Total current assets29,775 32,471 
Net property and equipment26,154 25,631 
Operating lease right-of-use assets7,884 6,941 
Goodwill8,455 7,444 
Other assets4,262 3,958 
Total assets$76,530 $76,445 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$10,037 $11,443 
Accrued salaries and related expenses2,096 1,991 
Current installments of long-term debt1,368 1,231 
Current operating lease liabilities1,050 945 
Other current liabilities7,464 7,500 
Total current liabilities22,015 23,110 
Long-term debt, excluding current installments42,743 41,962 
Long-term operating lease liabilities7,082 6,226 
Other long-term liabilities3,646 3,585 
Total liabilities75,486 74,883 
Total stockholders’ equity 1,044 1,562 
Total liabilities and stockholders’ equity$76,530 $76,445 



THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Fiscal Year Ended
in millionsJanuary 28,
2024
January 29,
2023
Cash Flows from Operating Activities:
Net earnings$15,143 $17,105 
Reconciliation of net earnings to net cash provided by operating activities:
Depreciation and amortization3,247 2,975 
Stock-based compensation expense380 366 
Changes in working capital2,333 (6,240)
Changes in deferred income taxes(245)138 
Other operating activities314 271 
Net cash provided by operating activities21,172 14,615 
Cash Flows from Investing Activities:
Capital expenditures(3,226)(3,119)
Payments for businesses acquired, net(1,514)— 
Other investing activities11 (21)
Net cash used in investing activities(4,729)(3,140)
Cash Flows from Financing Activities:
Repayments of short-term debt, net— (1,035)
Proceeds from long-term debt, net of discounts1,995 6,942 
Repayments of long-term debt(1,271)(2,491)
Repurchases of common stock(7,951)(6,696)
Proceeds from sales of common stock323 264 
Cash dividends(8,383)(7,789)
Other financing activities(156)(188)
Net cash used in financing activities(15,443)(10,993)
Change in cash and cash equivalents1,000 482 
Effect of exchange rate changes on cash and cash equivalents(68)
Cash and cash equivalents at beginning of period2,757 2,343 
Cash and cash equivalents at end of period$3,760 $2,757 

v3.24.0.1
Cover Page Cover Page
Feb. 20, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 20, 2024
Entity Registrant Name HOME DEPOT, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-8207
Entity Tax Identification Number 95-3261426
Entity Address, Address Line One 2455 Paces Ferry Road
Entity Address, City or Town Atlanta
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30339
City Area Code 770
Local Phone Number 433-8211
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.05 Par Value Per Share
Trading Symbol HD
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000354950

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