Home Depot reported Q2 fiscal 2024 revenue of $43.2 billion, up 0.6% year-over-year, while net earnings declined 2.1% to $4.56 billion. Comparable sales decreased 3.3%, reflecting a 2.2% drop in customer transactions and 1.3% decline in average ticket. Gross profit margin improved to 33.4% from 33.0%, driven by lower transportation costs and reduced shrink.The company completed the acquisition of SRS Distribution for $18 billion on June 18, 2024, funded through a combination of commercial paper borrowings and $10 billion in new senior notes. SRS, a specialty trade distributor serving professional contractors, contributed $1.3 billion in sales since acquisition. The integration is expected to accelerate growth with residential professional customers.Looking ahead, Home Depot plans capital expenditures of $3.0-3.5 billion for fiscal 2024, focusing on new stores and customer experience improvements. The company increased its quarterly dividend by 7.7% to $2.25 per share but has paused share repurchases to prioritize debt reduction following the SRS acquisition. Online sales grew 3.9% year-over-year, representing 14.9% of total sales.

Home Depot reported Q2 fiscal 2024 revenue of $43.2 billion, up 0.6% year-over-year, while net earnings declined 2.1% to $4.56 billion. Comparable sales decreased 3.3%, reflecting a 2.2% drop in customer transactions and 1.3% decline in average ticket. Gross profit margin improved to 33.4% from 33.0%, driven by lower transportation costs and reduced shrink.The company completed the acquisition of SRS Distribution for $18 billion on June 18, 2024, funded through a combination of commercial paper borrowings and $10 billion in new senior notes. SRS, a specialty trade distributor serving professional contractors, contributed $1.3 billion in sales since acquisition. The integration is expected to accelerate growth with residential professional customers.Looking ahead, Home Depot plans capital expenditures of $3.0-3.5 billion for fiscal 2024, focusing on new stores and customer experience improvements. The company increased its quarterly dividend by 7.7% to $2.25 per share but has paused share repurchases to prioritize debt reduction following the SRS acquisition. Online sales grew 3.9% year-over-year, representing 14.9% of total sales.