The Home Depot, Inc. (NYSE-HD) is the leading home improvement retailer in the U.S. with more than 2,333 retail stores in all 50 states. The company was founded 40 years ago in 1978 in Marietta, Georgia, USA. The Home Depot, Inc (NYSE-HD) sells an assortment of building materials, home improvement and garden products. The company assists its customers with specific advice on the use and installation of its products, which are also designed to provide customers with expert and professional advice through its extensive product knowledge. Professional customers of The Home Depot, Inc (NYSE-HD) are primarily professional renovators, general contractors, repairmen, installers and small business owners. The company employs 470,000 tribal employees.
The Home Depot ®, the world’s largest home furnishings retailer, announced that it will hold a conference call next week on Tuesday, February 20, 2024, to release fourth quarter and fiscal year 2023 financial results. The company’s most recent known financial results are for the third quarter of 2023. In which it had total sales of $37.71 billion, down slightly year-over-year. The company’s sales were down slightly year-over-year, down 3.1%, but they beat Wall Street’s expectations, thanks to customers dropping more modest projects and home repairs. Home Depot posted a net profit of $3.81 billion.
The company signalled caution about the coming months and narrowed its full-year outlook, saying also that many trends had begun to normalise after years of turmoil following the Covid pandemic. Prices have stabilised after a steep rise in inflation, with appliances back in stock. This which in turn has helped support and revive sales. Yet, the company has still not fully emerged from its difficult business predicament. CFO Richard McPhail told CNBC that the company’s results reflect that this year “has been a period of moderation and improvement in the economic situation for household families.”
The Home Depot, Inc (NYSE-HD) also pays a regular, quarterly dividend to its shareholders. 14 years of consecutive dividend increases. The dividend yield is currently 2.30% per annum and the actual dividend amount has been approved by the company’s board of directors at $8.36 per share. The share price can be expected to increase in the short to medium term investment horizon, according to analysts at brokerage firms and financial strategists at investment banks. The average high estimate target price has been set at $415.00 per share.