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Breaking Flooring NewsResidential Flooring

Home Depot Warns of Continued Decline in Consumer Demand

By FLOOR Trends & Installation Editors
Home-Depot-logo
August 13, 2024

Home Depot’s second-quarter sales rose slightly as the Atlanta-based home improvement retailer benefitted from an $18.25 billion acquisition earlier this year. Still, customers continued to pull back on spending because of higher interest rates and increased cost of goods. 

Home Depot reported its second quarter sales increased 0.6% to $43.2 billion, including $1.3 billion from the acquisition of SRS Distribution Inc., which provides materials for professionals like roofers, landscapers and pool contractors.

Comparable sales decreased 3.3% overall and 3.6% in the U.S. Operating income was $6.5 billion with an operating margin of 15.1%, slightly down from the previous year. Net earnings were $4.6 billion, or $4.60 per diluted share, compared to $4.7 billion, or $4.65 per diluted share, in Q2 fiscal 202

“The underlying long-term fundamentals supporting home improvement demand are strong,” said Ted Decker, chair, president and CEO. “During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects. However, the team continued to navigate this unique environment while executing at a high level.”

The company operates 2,340 retail stores and over 760 branches, employing over 465,000 associates. The company said it anticipates comparable sales to decline between 3% and 4% for the 52-week period compared to fiscal 2023. A 4% decline implies incremental pressure on consumer demand, the company said in a statement. 

KEYWORDS: consumer trends financial insights home improvement

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