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The Home Depot reported its eighth consecutive quarter of a decrease in comparable sales, as comparable sales fell 1.2% in Q3. The retailer also reported sales of $40.2 billion, an increase of 6.6% year over year.
“While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations,” says Ted Decker, The Home Depot chairman 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.”
Operating income for Q3 was $5.4 billion and operating margin was 13.5%, compared to $5.4 billion and 14.3% in the same quarter in 2023. Net earnings for Q3 were $3.6 billion.
Home Depot also updated its fiscal 2024 guidance. In Q4, Home Depot expects total sales to increase 4%, adding $2.3 billion to total sales. The company also expects comparable sales to decline 2.5%, marking a decline for a ninth consecutive quarter. Home Depot also expects to open 12 new stores in Q4.
