The retailer is now expecting total sales to increase by approximately 4% in FY24. Credit: sockagphoto via Shutterstock.

The Home Depot has reported net sales of $40.21bn for the third quarter (Q3) of fiscal year 2024 (FY24), up 6.6% from $37.71bn in Q3 FY23.

However, the company’s comparable sales for the period saw a decrease of 1.3%, with comparable sales in the US also declining by 1.2%. 

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Operating income for Q3 FY24 reached $5.41bn, an improvement from the $5.40bn in Q3 FY23, with an operating margin of 13.5% compared to an operating margin of 14.3% in the same quarter a year ago. 

Net earnings for the third quarter of FY24 were $3.64bn, compared to $3.81bn in Q3 FY23.  

Basic earnings per share (EPS) stood at $3.68 in Q3 FY24, down from $3.83 in the same quarter of the previous year. Diluted EPS also declined to $3.67, from $3.81 in Q3 FY23.

Home Depot chair, president, and CEO Ted Decker said: “While macroeconomic uncertainty remains, our third-quarter performance exceeded our expectations.  

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“As weather normalised, we saw better engagement across seasonal goods and certain outdoor projects as well as incremental sales related to hurricane demand.” 

For the first nine months of FY24, the company reported net sales of $119.81bn, up 1.6% from $117.88bn in the same period of FY23.  

Operating income for the first nine months of FY24 was $17.03bn, down 2.9% compared to $17.54bn in the prior year. 

Looking ahead, the retailer updated its FY24 guidance, projecting total sales to increase by approximately 4%, including the impact of the 53rd week in the fiscal calendar.