Home Depot fiscal 2024 net sales up, same-store down
On Feb. 25, Home Depot released its financial results for Q4 2024 and fiscal year 2024. The company’s same-store sales, an important economic indicator of a retailer’s strength, were up slightly in Q4, but off nearly 2% for the fiscal year.
The retail giant reported sales for its Q4 of fiscal 2024 were up 14.1% from Q4 of 2023, totaling $39.7 billion. Comparable sales for the fourth quarter of fiscal 2024 increased 0.8%, and comparable sales in the U.S. increased 1.3%. The company noted that this quarter of fiscal 2024 consisted of 14 weeks compared with 13 weeks for the prior year. The additional week is not included in comparable sales results for the quarter or the year.
Sales for fiscal 2024 were $159.5 billion, an increase of 4.5% from fiscal 2023. Comparable sales for fiscal 2024 decreased 1.8%, and comparable sales in the U.S. decreased 1.8%.
“Our fourth quarter results exceeded our expectations as we saw greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects,” said Ted Decker, chair, president and CEO.
Fiscal 2025 Guidance
In its guidance for fiscal 2025, Home Depot notes that the year is a 52-week year compared to a 53-week fiscal 2024. The company expects total sales growth of approximately 2.8%, with comparable sales growth of approximately 1.0% for the comparable 52-week period. Home Depot is currently planning to open “approximately” 13 new stores in 2025; it opened a dozen in 2024.
