Home Depot is accused of misleading customers by labeling items with "Black Friday deals" that match their original prices, as shown in a viral TikTok video. This practice, if true, could be considered false advertising and erode consumer trust, especially amid existing concerns over pricing tactics like shrinkflation. Retail experts note that Black Friday deals have generally become less significant, with fewer substantial discounts compared to previous years.
Home Depot has made a significant $18.25 billion acquisition of SRS Distribution to bolster its pro business, focusing on professionals in roofing, pool, and landscaping sectors. This strategic move aims to expand Home Depot's market reach and enhance its distribution capabilities, especially as consumer DIY projects decline. The acquisition is expected to contribute significantly to Home Depot's sales, with SRS's extensive logistics network and specialized sales force providing a competitive edge. The deal highlights Home Depot's shift towards catering more to professional contractors, differentiating it from competitors like Lowe's.
Home Depot's stock is rising after the company reported better-than-expected earnings of $3.78 per share on $40.22 billion in revenue. The company also revised its projected comparable sales decline to 2.5%, better than the previous estimate of 3% to 4%. Additionally, a technical analysis buy signal was triggered as the 5-day moving average crossed above the 12-day moving average, suggesting a potential new uptrend for the stock.
Home Depot reported a 6.6% increase in third-quarter sales to $40.217 billion, surpassing expectations, despite a slight dip in customer transactions and comparable sales. The company raised its full-year 2024 sales forecast and expects a smaller decline in comparable sales than previously anticipated. Adjusted EPS beat estimates at $3.78, though it was down 1.8% year-over-year. Home Depot's gross margin was 33.4%, and it plans for a 33.5% margin in 2024. Shares rose 1.56% premarket following the announcement.
Shopify, Home Depot, and Live Nation Entertainment are among the stocks experiencing significant premarket movements. Investors are closely watching these companies for potential trading opportunities as market conditions evolve.
Stock futures were nearly flat Tuesday morning as Wall Street considered investment options following a postelection rally. Home Depot raised its full-year sales outlook after beating expectations, while Mattel recalled 'Wicked' dolls due to a packaging error. General Motors led automakers with strong earnings and stock buybacks, and Bitcoin continued its record run, nearing $90,000, driven by expectations of a favorable regulatory environment under President-elect Trump.
Home Depot reported a 6% year-over-year increase in quarterly sales, driven by a new acquisition and demand for hurricane-related repairs and home improvement supplies. The company raised its full-year sales outlook to a 4% increase, factoring in the acquisition of SRS Distribution. Despite the positive results, Home Depot noted that consumers remain cautious about spending due to high interest rates and economic uncertainty, leading to deferred home projects. The company's stock has risen 18% this year, and it continues to focus on professional customers and new store openings to drive growth.
Home Depot is set to report its earnings, with analysts predicting a 4% increase in sales to $39.2 billion but a 6% decline in net income to $3.6 billion. Despite recent disappointing quarters, most analysts maintain a 'buy' rating on the stock, with a slight price target increase. Sales may see a temporary boost from hurricane-related demand, though costs could offset gains. Future prospects could improve if mortgage rates ease, encouraging more home improvement projects.
Bernard "Bernie" Marcus, co-founder of Home Depot and a prominent supporter of Donald Trump, has died at 95. Marcus, who was once the richest man in Georgia, co-founded Home Depot in 1979, growing it into a major retail chain. A significant Republican donor, he supported Trump's election campaigns and faced backlash for his political stance. Marcus was also a noted philanthropist, establishing several charitable organizations and contributing to various causes. His legacy continues through the Marcus Foundation, focusing on Jewish causes, children, medical research, and community support.
Three individuals in Florida have been charged with grand theft for allegedly stealing over $100,000 worth of goods from Home Depot stores through a fraudulent bar-code-switching scheme. This incident is part of a larger trend of organized retail crime affecting retailers across the country, with self-checkout theft posing a significant challenge. Retailers like Home Depot, Target, and Walmart are implementing measures to address theft-related shrink, including limiting self-checkout hours and making changes to self-checkout services.
