Home Depot Q2 Sales Up 0.6% with SRS Acquisition, Earnings Down

Atlanta, GA, August 13, 2024-The Home Depot reported sales of $43.2 billion for Q2 2024, an increase of 0.6% from Q2 2023’s $42.9 billion. Total sales include $1.3 billion from the recent acquisition of SRS Distribution, which represents approximately six weeks of sales in the quarter. Comparable sales for Q2 2024 decreased 3.3%, and comparable sales in the U.S. decreased 3.6%.

Net earnings for Q2 2024 were $4.6 billion, a 2.1% decline compared with net earnings of $4.7 billion in the same period of fiscal 2023.

Sales for the first six months of 2024 were $79.6 billion, a 0.7% decline from $80.2 billion in the same period last year.

Net earnings for the first half of 2024 were $8.2 billion, a 4.3% decline from $8.5 billion in the same period last year.

"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. I would like to thank our associates for their hard work and dedication to serving our customers and communities."