![]() ![]() The typical store today averages 105,000 square feet of indoor retail space, interconnected with an e-commerce business that offers more than one million products for the DIY customer, professional contractors, and the industry’s largest installation business for the Do-It-For-Me customer. Today, The Home Depot is the world’s largest home improvement retailer with nearly 400,000 orange-blooded associates and more than 2,200 stores in the U.S., Canada and Mexico. The first stores, at around 60,000 square feet each, were cavernous warehouses that dwarfed the competition and stocked 25,000 products, much more than the average hardware store at that time. Our founders’ vision of one-stop shopping for the do-it-yourselfer came to fruition when they opened the first two Home Depot stores on June 22, 1979, in Atlanta, Georgia. In more than 2,200 stores across North America, we aspire to excel in service – to our customers, associates, communities and shareholders. The store serves the people of Coatsburg, Ursa. Today, we’re proud to be the world’s largest home improvement retailer. The Home Depot can be found at 5432 Broadway Street, on the east side of Quincy (near Quincy Memorial Park). on Thursday.When The Home Depot was founded in 1978, Bernie Marcus and Arthur Blank had no idea how revolutionary this new “hardware store” would be for home improvement and the retail industry. will release results on Wednesday, followed by industry benchmark Walmart Inc. big-box retailers to report first-quarter earnings. Home Depot is the first of the major U.S. ![]() The comparable-sales decline of 4.5 per cent was much worse than the 1.4 per cent drop analysts had expected.Īnalysts largely see Home Depot as resilient in the long term due to still-high home prices and ongoing remodeling activity as many continue to work from home.Ī separate report Tuesday showed that sales at building-materials retailers rose 0.5 per cent between March and April, but were down 3.7 per cent from a year ago, according to data from the U.S. Net income declined to US$3.9 billion from US$4.2 billion during the same period in fiscal 2022. ![]() He also noted that home-improvement projects are getting smaller.Įarnings per share, at US$3.82 in the first quarter, could now slip as much as 13 per cent this year, compared with a previous estimate of a mid-single-digit percentage drop, the company said. This is at least an indirect result of tighter monetary policy and tighter borrowing conditions.”Ĭategories including mill work, building materials, hardware and plumbing have remained strong, while big-ticket discretionary products like grills and patio sets are softer than expected, McPhail said. “What we’re seeing now is a more broad-based pullback on the part of the consumer with respect to discretionary spend. “We grew almost 43 per cent over the last three years and we knew that 2023 was going to be a year of moderation as we digested those gains,” Home Depot Chief Financial Officer Richard McPhail said in an interview. Competitor Lowe’s Cos., which reports earnings next week, fell 1.9 per cent. The stock was down 1.5 per cent as of 10:01 a.m. That binge has now begun to slow amid rising inflation and interest rates. The first-quarter results show the company’s performance is starting to lag after several years of soaring home-improvement spending that was sparked by a booming housing market and stimulus payments that let consumers invest in their homes during pandemic restrictions. Home Depot, which previously predicted sales would remain flat this year, said demand is softening more than it had expected. The company now expects comparable sales to decline as much as five per cent this fiscal year - the first annual fall in 14 years - following a bad start to the year affected by lumber deflation and poor weather, it said Tuesday. cut its outlook for the year after first-quarter sales dropped more than expected, a sign that economic uncertainty is leading to a pullback in home-improvement spending. ![]()
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