The Home Depot Inc (**HD**) reported a consistent drop in same-store sales for six consecutive quarters, largely attributed to a decline in consumer spending and increasing interest rates. Despite revenue misses, the company delivered better-than-expected Q1 2024 earnings. Home Depot also made strategic moves, including the induction of Jordan Broggi as the Executive Vice President of Customer Experience and President of Online, a new national partnership with Instacart, and acquisition of SRS Distribution, a leading specialty distributor, in a significant $18.25B deal.
Though analysts cut the earnings estimates for HD, the company has shown resilience, declaring a quarterly dividend of $2.25 payable on June 13th, and increasing the same by 7.7% in its fiscal 2023 results presentation. Despite the stock's year-to-date decline, Wall Street views are generally bullish towards Home Depot, considering it a quality dividend stock. However, the stock has faced considerable market downswing, stirring some investor concern. The retail giant also plans to extend its relationship with Google Cloud to bolster its interconnected retail strategy.
Home Depot HD News Analytics from Mon, 25 Sep 2023 10:44:11 GMT to Thu, 30 May 2024 15:16:05 GMT - Rating -2 - Innovation 0 - Information 8 - Rumor -6
