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Financial Reporting
RETAILERS REPORT QUARTERLY SAME- STORE DECLINES
HOME DEPOT On Nov . 12 , The Home Depot reported sales of $ 40.2 billion for the third quarter of fiscal 2024 , an increase of 6.6 % from the third quarter of fiscal 2023 . Year to date , Home Depot reports sales of $ 119.8 billion , a 1.6 % gain over the $ 117.8 billion YTD 2023 . Comparable sales for the third quarter of fiscal 2024 decreased 1.3 %, and comparable sales in the U . S . decreased 1.2 %.
The company ’ s Q3 sales gains are due in part to its acquisition of SRS Distribution , and to consumer need to protect and repair in hurricane-damaged areas . The gain beats the company ’ s previous outlook estimate of growth between 2.5 and 3.5 %. The company said that sales related to hurricanes Helene and Milton contributed about one half a percentage point of sales growth to the quarter .
In Q3 2024 , an average retail ticket at Home Depot was $ 88.65 , that ’ s off just slightly from Q3 2023 when an average ticket was $ 89.36 . Tracking sales per retail square foot , Home Depot reported $ 582.97 , off 2 % compared to Q3 2023 ($ 595.71 ).
“ While macroeconomic uncertainty remains , our third quarter performance exceeded our expectations ,” said Ted Decker , chair , president and CEO . “ As weather normalized , we saw better engagement across seasonal goods and certain outdoor projects as well as
incremental sales related to hurricane demand . I would like to thank all of our associates for their dedication in serving our customers and communities .”
LOWE ’ S Lowe ’ s reported its total sales for the quarter were $ 20.2 billion , compared to $ 20.5 billion in the prior-year quarter . Comparable sales for the quarter decreased 1.1 %, driven by continued softness in DIY bigger-ticket discretionary demand , which was partly offset by storm-related sales and positive comparable sales in pro and online .
“ Our results this quarter were modestly better-than-expected , even excluding storm-related activity , driven by highsingle-digit positive comps in Pro , strong online sales and smaller-ticket outdoor DIY projects ,” said Marvin R . Ellison , Lowe ’ s chairman , president and CEO . “ I ’ d like to extend my heartfelt sympathy to those who suffered losses from Hurricanes Helene and Milton . I would also like to express my appreciation for our associates , suppliers and first responders for their commitment to the impacted communities . Next month at our Analyst and Investor Conference , I look forward to discussing our new growth and productivity initiatives , which underscore our confidence that we are well-positioned to capitalize on the expected recovery in home improvement .”
ACE HARDWARE On . Nov . 13 , Ace Hardware Corp . reported Q3 2024 revenues of $ 2.4 billion , an increase of $ 64.8 million , or 2.8 percent , from the third quarter of 2023 . The company ’ s net income was $ 99.0 million for the third quarter of 2024 , a decrease of $ 31.0 million from the third quarter of 2023 . The company said this decrease was due entirely to higher planned expenses as it invests in its supply chain infrastructure and digital marketing .
The approximately 3,700 Ace retailers who share daily retail sales data reported a 2.2 percent decrease in U . S . retail same-store-sales during the third quarter of 2024 , which was the result of a 2.2 percent decrease in same-store transactions ; partially offset by a 0.1 percent increase in average ticket .
“ In this challenging environment , it ’ s encouraging for me to report growth in new stores , growth in our digital business , and overall growth to $ 2.4 billion for the quarter ,” said John Venhuizen , Ace president & CEO . “ I ’ m never particularly pleased to report a decline in net income , but it was almost exactly on plan and nearly $ 100 million for the three-month period . It ’ s a privilege to take the field with such a talented Ace team around the world .”
Total wholesale revenues were $ 2.1 billion , an increase of $ 56.3 million , or 2.7 percent , as compared to the prior year third quarter . Increases were seen across many departments with grilling , power tools and outdoor power equipment showing the largest gains . Wholesale merchandise revenues to comparable domestic stores decreased $ 18.9 million for the quarter . The company ’ s total domestic store count was 5,093 at the end of the third quarter of 2024 , which was an increase of 150 stores from the third quarter of 2023 .
6 OPE + December 2024 www . OPE-Plus . com