Home Depot Seeps FY24 Comps. Decline Approx. 1.0%

(RTTNews) - The Home Depot (HD) said, for fiscal 2024, the company expects: total sales growth of approximately 1.0% including the 53rd week; and comparable sales to decline approximately 1.0% for the 52-week period. The company anticipates 53-week earnings per share percent growth of approximately 1.0%. The company noted that it will have 53 weeks of operating results in fiscal 2024.

Net earnings for the fourth quarter were $2.8 billion, or $2.82 per share, compared with net earnings of $3.4 billion, or $3.30 per share, in the same period of prior year. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $2.77, for the quarter. Analysts' estimates typically exclude special items.

Sales for the fourth quarter were $34.8 billion, a decrease of 2.9% from the fourth quarter of last year. Comparable sales for the fourth quarter decreased 3.5%, and comparable sales in the U.S. decreased 4.0%. Analysts on average had estimated $34.64 billion in revenue.

The company announced that its board approved a 7.7% increase in 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.

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