.August 13, 2024 12:16:00 PM

Home Depot (NYSE:HD) exceeded earnings and revenue expectations for Q2 but lowered its full-year outlook due to decreased consumer demand for home improvement projects. Earnings per share were $4.67, beating estimates, with revenue at $43.18 billion, up 0.6% YoY. However, comparable sales dropped by 3.3%, with U.S. sales down 3.6%. The company now expects a 3% to 4% decline in comparable sales and a 2% to 4% decrease in earnings per share for the year. Despite this, Home Depot raised its total sales growth outlook for fiscal 2024 to 2.5% to 3.5% and plans to open 12 new stores.