Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images I reiterated my ‘Buy’ thesis for Home Depot (NYSE:HD) (NEOE:HD:CA) in my previous article published in March 2024, anticipating a weak home improvement market for FY24. Home Depot released its Q2 result on August 13th, reporting a 3.3% decline in same store sales growth. I appreciate the company’s efforts to navigate the challenging macro environment and the weak home improvement market. I reiterate a 'Buy' rating with a fair value of $390 ...

公司业绩 - 公司第二季度财报显示，调整后每股收益为$4.67，同比下降0.2%，但超出Zacks共识预期$4.54[5] - 净销售额为$43.2 billion，同比增长0.6%，同样超出Zacks共识预期$42.6 billion，其中包括SRS Distribution Inc.的$1.3 billion贡献[6] - 公司预计2024财年销售额将增长2.5-3.5%，包括额外第53周的$2.3 billion和SRS的$6.4 billion增量销售额[14] 财务指标 - 调整后营业利润为$6.6 billion，同比下降0.1%，调整后营业利润率为15.3%，同比下降20个基点[10] - 毛利率为33.4%，同比扩大40个基点，主要得益于销售增长和成本控制[9] - 预计2024财年毛利率为33.5%，营业利润率为13.5-13.6%[16] 市场表现 - 公司股价在财报发布后下跌2.4%，可能由于对2024财年盈利和同店销售额的保守预测[4] - 过去三个月，公司股价上涨1.6%，而行业平均涨幅为0.2%[4] 业务展望 - 公司对未来家居改善行业持乐观态度，并计划通过投资和扩张策略增强市场地位[3] - 预计2024财年同店销售额将下降3-4%，反映出消费者需求环境的持续不利影响[15] - 公司计划在2024财年开设12家新店，以进一步扩大市场份额[16] 其他财务信息 - 截至第二季度末，公司持有现金及现金等价物$1.6 billion，长期债务$51.9 billion，股东权益$4.4 billion[13] - 预计2024财年有效税率为24%，净利息费用为$2.2 billion[17] - 预计2024财年GAAP每股收益将下降2-4%，调整后每股收益将下降1-3%，其中第53周预计贡献30美分[18]

A sign is seen posted on the exterior of a Home Depot store on February 21, 2023 in El Cerrito, California.Just like Wall Street, Home Depot is closely watching the Federal Reserve's next move.In an interview with CNBC, Chief Financial Officer Richard McPhail said homeowners have postponed moving into new houses or starting major projects that require financing because of higher interest rates. That waiting game has only intensified with a potential interest rate cut in sight."What our customers tell their ...

财务数据和关键指标变化 - 第二季度销售额为432亿美元,同比增长0.6% [8] - 同店销售下降3.3%,美国门店同店销售下降3.6% [9] - 调整后每股收益为4.67美元,与去年同期持平 [9] 各条业务线数据和关键指标变化 - 水管业务同店销售为正,电力、建材、家电和油漆等业务同店销售均高于公司平均水平 [26] - 同店交易量下降2.2%,同店客单价下降1.3% [26] - 1000美元以上大票交易同店销售下降5.8% [26] - DIY客户和专业客户同店销售均为负 [27] - 公司在线销售增长约4% [28] 各个市场数据和关键指标变化 - 公司未拆分HD Supply业务的表现,但表示其表现出色,同比实现正增长 [64][65] - SRS业务在前6个月实现高单位数的销售增长,利润增长与销售增长基本一致 [66][67] 公司战略和发展方向及行业竞争 - 公司在1万亿美元的家居装修市场中占17%的市场份额,仍有巨大的增长潜力 [13] - 公司正在投资并执行策略,以创造最佳的互联购物体验,增加专业客户的钱包份额 [13][22] - 公司收购SRS后,将通过协同销售和交叉销售等方式实现增量增长 [14][15] 管理层对经营环境和未来前景的评论 - 宏观经济环境不确定性增加,导致消费者需求疲软,大型装修项目需求下降 [10][25] - 公司预计2024财年同店销售将下降3%-4% [11] - 公司认为长期家装需求基本面依然强劲,将继续投资以满足未来需求 [12][133] 其他重要信息 - 公司毛利率为33.4%,同比增加40个基点,主要受益于运输成本下降和库存损耗下降 [38] - 营业费用率为18.3%,同比增加65个基点 [39] - 公司调整后营业利润率为15.3%,同比下降20个基点 [41] - 公司计划2024财年开设约12家新店 [44] - 公司预计2024财年每股收益将下降1%-3% [52] 问答环节重要的提问和回答 问题1 **Scot Ciccarelli 提问** 消费者需求疲软是否从之前主要集中在装修项目扩散到了更广泛的消费领域 [55] **Ted Decker 回答** 主要是大型装修项目需求下降,而非消费者需求整体疲软,受利率上升和宏观经济不确定性影响 [56][57][58][59][60][61][62] 问题2 **Seth Sigman 提问** 公司各业务板块的表现情况,以及未来复苏时的表现节奏 [64][65][66][67] **Richard McPhail 回答** HD Supply和SRS业务表现出色,预计未来几年将有助于加快公司的销售和利润增长 [66][67] 问题3 **Michael Lasser 提问** 利率下降到什么水平才能带动公司业务增长,以及利率下降是由于就业市场恶化还是通胀放缓 [74][75] **Ted Decker 回答** 利率下降到6.5%左右时,有望带动房地产和装修活动恢复,但宏观经济不确定性可能会拖慢恢复节奏 [75][76][77]

U.S. stocks traded higher midway through trading, with the S&P 500 gaining around 1% on Tuesday.The Dow traded up 0.42% to 39,522.57 while the NASDAQ rose 1.68% to 17,063.04. The S&P 500 also rose, gaining, 1.02% to 5,399.03.Leading and Lagging SectorsInformation technology shares climbed by 2.3% on Tuesday.In trading on Tuesday, energy shares fell 1.2%.Top HeadlineThe Home Depot, Inc. HD reported mixed results for its second quarter on Tuesday.HD reported second-quarter 2024 sales growth of 0.6% year-over- ...

Home Depot currently gets around half of its sales from professional builders and contractors.According to the company’s executives on Tuesday’s (Aug. 13) second-quarter 2024 earnings call, the world’s largest home improvement retailer will need to continue to win over a greater share of this valuable B2B segment, because regulator customers are continuing to spend less on home improvement projects, pressured by higher interest rates and concerns that the economy is getting worse.“During the quarter, higher ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

文章核心观点 - Home Depot是最大的家居改造零售商,其业绩反映了消费者情绪 [4] - Home Depot股价从3月高点下跌20%至5月低点,之后出现双顶形态,这是一个负面信号 [4] - Home Depot报告了良好的财报,但股价下跌是因为未来同店销售预期下降,表明消费者疲软 [4] 行业和公司总结 行业概况 - Home Depot是道琼斯工业平均指数的成分股,反映了整个行业和消费者情绪 [4] 公司业绩 - Home Depot报告了调整后每股收益4.67美元,高于4.49美元的预期 [4] - Home Depot报告收入为431.8亿美元,高于430.6亿美元的预期 [4] - Home Depot预计2024财年同店销售下降3%-4%,此前预期下降1% [4] 市场反应 - Home Depot股价下跌,反映了市场对未来同店销售下降的担忧 [4] - 股价下跌后,Home Depot股票的相对强弱指数(RSI)显示已进入超卖区域 [4] 宏观经济影响 - 生产者物价指数(PPI)数据好于预期,但剔除食品、能源和贸易后的PPI上涨0.3%,高于预期,表明企业利润率面临压力 [4] - 消费者物价指数(CPI)数据将于次日公布,比PPI更为重要 [4]

M. SuhailHD stock Q2 recap I last wrote on The Home Depot, Inc. (NYSE:HD) about three months ago. As you can see from the chart below, that article was titled "Home Depot: Don't Buy The Recent Dip (Technical Analysis)" and was published by Seeking Alpha on April 30, 2024. The article recommended a HOLD rating on the stock. And as the title suggests, the analysis was more focused on the technical trading patterns. More specifically, I cautioned that: Despite recent corrections HD stock has suffered, I wo ...

Home Depot (NYSE:HD) stock is a little volatile but mostly flat this morning after the company reported stronger-than-expected second-quarter financial results but reduced its full-year sales and profit guidance. The retailer noted that its performance was negatively impacted by “higher interest rates and greater macroeconomic uncertainty.”Home Depot’s Q2 Results and Guidance CutsThe company’s revenue increased 0.7% last quarter versus the same period a year earlier to $43.2 billion. The latter figure was w ...