Home Depot Q3 Sales Rose 6.6%, Earnings Down 4.3%

Atlanta, GA, November 13, 2024-The Home Depot reported sales of $40.2 billion for Q3 2024, an increase of 6.6% from Q3 2023’s $37.7. Comparable sales for Q3 2024 decreased 1.3%, and comparable sales in the U.S. decreased 1.2%.

Net earnings for Q3 2024 were $3.6 billion, a 4.3% decline compared with net earnings of $3.8 billion in the same period of 2023.

For the first nine months of 2024, net sales were $119 billion, a 1.6% increase from $118 billion in the same period last year

Net earnings for the first three quarters were $11.8 billion, a 4.3% decline from earnings of $12.3 billion in the same period last year. 

"While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations," said Ted Decker, chair, president and CEO.  "As weather normalized, we saw better engagement across seasonal goods and certain outdoor projects as well as incremental sales related to hurricane demand. I would like to thank all of our associates for their dedication in serving our customers and communities."

According to the earnings call, big ticket comp transactions, those over a $1,000, were down 6.8% in Q3 2024, compared to Q3 of last year. The company says it continues to see softer engagement in larger discretionary projects where customers typically use financing to fund the project, such as kitchen and bath remodels. During Q3, pro sales were positive and outpaced the DIY customer.

During Q3, total company comps were negative 1.3% with comps of negative 3.3% in August, negative 2.3% in September and positive 1% in October. Comps in the U.S. were negative 1.2% for Q3, with comps of negative 3.5% in August, negative 2.2% in September, and positive 1.4% in October.