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☆ Home Depot is acquiring specialty distributor SRS for $18.25 billion in huge bet on growing pro sales
▼ + stars: | 2024-03-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals. The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January. Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers. It recently announced it will open four distribution centers that help support sales to pros. The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue.

Persons: It's, Ted Decker, Leonard Green, Decker, he's, That's Organizations: Atlanta -, CNBC, Leonard Green & Partners, Berkshire Partners, HD Supply, Resources, Depot Locations: Atlanta, McKinney , Texas, U.S, Mexico, Canada

☆ Home Depot will open four distribution centers as it looks to home pros to drive sales growth
▼ + stars: | 2024-03-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot said Thursday that it will open four new distribution centers as it chases more sales from remodelers, contractors and other home professionals. Each facility averages approximately 500,000 square feet — about five times the size of the average Home Depot store. That gives Home Depot a lot of room to grow as it adds capabilities to handle pros' entire orders, he said. Home Depot is changing other aspects of its business to support pros who handle complex and pricey projects. He said Home Depot is trying to bring to the pro business what it once did to DIY — turn itself into a one-stop shop.

Persons: Chip Devine, Home Depot's, Devine, Ted Decker, You've Organizations: Home Depot, CNBC, Depot Locations: Detroit , Los Angeles, San Antonio, Toronto, Dallas

☆ Jim Cramer explains why it's important to look for nuance during earnings season
▼ + stars: | 2024-02-28 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer reflected on the earnings season so far, saying investors shouldn't judge stocks based purely on figures from a financial report. he said, referring to earnings season. But comments from CEO Ted Decker about the home improvement giant's inventory made Cramer optimistic. Cramer predicted that TJX would see success despite less-than-ideal earnings where management issued light guidance. "I have no illusions about this issue — It's extremely unlikely that the headline process will actually change," Cramer said.

Persons: CNBC's Jim Cramer, It's, it's, Cramer, Ted Decker, Decker, Lowe's, Marvin Ellison, Ellison Organizations: CNBC

☆ Jim Cramer says be patient and stick with Home Depot
▼ + stars: | 2024-02-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer told investors to hold on to stock of home improvement retailer Home Depot , even though its most recent quarter lacked luster. "Sure, the quarter wasn't great, but the conference call commentary I found encouraging, which is why I'm willing to be patient and hold on to Home Depot," he said. Cramer called management's outlook "appropriately conservative," saying the company is optimistic, but not yet ready to declare a decisive turnaround. Now that inventory is under control, the company is poised for better future, Cramer said. "Besides, I'm betting that management deliberately gave a conservative forecast—they like to under promise and over deliver at Home Depot."

Persons: CNBC's Jim Cramer, Richard McPhail, Cramer, Ted Decker's, Decker, Depot's Organizations: Home, CNBC, Home Depot, Reserve

☆ Home Depot forecasts a weak 2024
▼ + stars: | 2024-02-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —Home Depot, a bellwether of the housing market and US economy, said sales dropped over the winter and it’s a expecting a slow 2024. Sales at stores open for at least one year fell 3.5% last quarter, and Home Depot projects that sales will continue to decline 1% in 2024. “2023 was a year of moderation,” Home Depot CEO Ted Decker said in a news release Tuesday. Demand for home improvement has fallen due to high mortgage rates and a slowdown in new home construction. “One of the main issues [for Home Depot] continues to be a very sluggish housing market,” Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Tuesday.

Persons: Ted Decker, ” Neil Saunders Organizations: New, New York CNN, Depot, GlobalData Locations: New York

☆ Home Depot CEO Ted Decker: We are operating really well
▼ + stars: | 2023-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot CEO Ted Decker: We are operating really wellHome Depot CEO Ted Decker and CNBC's Courtney Reagan join 'The Exchange' to discuss how the company is preparing for Black Friday, the state of the consumer, and more.

Persons: Ted Decker, CNBC's Courtney Reagan Organizations: Home, Black

☆ Falling prices may sound good, but deflation can be dangerous. Here’s why
▼ + stars: | 2023-11-18 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Falling prices of commodities like copper and lumber “negatively impacted” Home Depot’s third-quarter earnings, CEO Ted Decker told investors on the company’s earnings call earlier this week. In particular, they're noticing consumers pushing off bigger-ticket purchases like appliances, which have become cheaper compared to a year ago. But the problem with deflation is that when people begin to expect lower prices in the future, they have little incentive to make purchases right now. In China, however, prices across all goods and services were 0.2% lower in October compared to the same month last year. He also warned that US-based Walmarts could enter “a deflationary environment.”Besides eggs, other cheaper goods include airfares, gasoline, appliances and smartphones.

Persons: Cathie Wood, ”, Ted Decker, Billy Bastek, ” Bastek, Justin Sullivan, Doug McMillon, Preston Caldwell, “ it’s Organizations: New, New York CNN, Tech, ARK Investment Management, Wall Street, Home Depot, Walmart, Morningstar, CNN Locations: New York, United States, China

☆ Home Depot leans on small projects to top estimates as big-ticket spending wobbles
▼ + stars: | 2023-11-14 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Americans have put big renovations and discretionary home-improvement projects on the back burner as they battle sticky inflation, higher interest rates and lingering caution around the economy. "We see great (customer) engagement... with smaller projects," CEO Ted Decker said on an earnings call. Per-share profit of $3.81 topped estimates of $3.76. "With continued pressure in certain big-ticket discretionary categories and a trend to smaller projects, HD took the conservative approach – which we agree with," Evercore analyst Greg Melich said. It now expects annual per-share profit to fall 9% to 11%, compared with a 7% to 13% slump estimated previously.

Persons: Lucy Nicholson, Ted Decker, Sarah Henry, Henry, Greg Melich, Deborah Sophia, Sriraj Organizations: REUTERS, U.S, Logan Capital Management, Home Depot, Thomson Locations: Los Angeles , California, Bengaluru

☆ Home Depot says the worst of inflation is over — that could be good news for retailers and shoppers
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Even as Home Depot forecast sales declines, the retailer had good news for investors and consumers on Tuesday. Home Depot kicked off a much-anticipated week of retail earnings that includes other household names, such as Walmart , Target and Macy's . In the short term, cooling inflation reduces sales numbers for retailers, including Home Depot. At Home Depot, McPhail has described 2023 as "a year of moderation" after the boom in home improvement during the Covid pandemic. Yet some factors that drive inflation are beyond retailers' control and influence consumers' decisions, too.

Persons: Richard McPhail, Michael Baker, Davidson, McPhail, Billy Bastek, Ted Decker, it's, doesn't Organizations: Dow Jones, Depot, Walmart, Target, Home, Federal Reserve, D.A, CNBC PRO

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

Home Depot sales continue to slide as Americans wrestle with persistent inflation and it narrowed its outlook for the year. But the nation's biggest home improvement retailer topped expectations for the quarter. Political Cartoons View All 1244 ImagesHome Depot earned $3.81 billion, or $3.81 per share, in the quarter. Home Depot now expects a earnings per share to decline between 9% and 11% in 2023 and same store sales to fall 3% to 4%. The company previously anticipated an earnings per share drop between 7% and 13% and a same-store sales decline of 2% to 5%.

Persons: Ted Decker Organizations: Home Depot Inc, Zacks Investment Research, Atlanta - Locations: U.S, Atlanta

☆ Home Depot earnings, sales fall but beats forecast
▼ + stars: | 2023-11-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Home Depot reported slower earnings on weaker sales, although it still was able to beat Wall Street analysts’ forecasts. Consumers aren’t spending on home improvement projects the way they were during the pandemic. But the company said it is still seeing some strength in smaller improvement jobs, which represent a key part of its business. “We saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” said CEO Ted Decker. Revenue slipped 3% to $37.7 billion, which was slightly better than the forecast of $37.6 billion.

Persons: “, ”, Ted Decker, Refinitiv Organizations: New, New York CNN, Wall, Revenue Locations: New York

☆ Home Depot rides on smaller remodeling projects to top sales, profit estimates
▼ + stars: | 2023-08-15 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Jim Young/File PhotoAug 15 (Reuters) - Home Depot (HD.N) on Tuesday reported a smaller-than-expected drop in quarterly same-store sales and topped profit estimates, as Americans spending on small-scale projects countered a pause in larger home remodeling and renovation work. "While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories," Home Depot CEO Ted Decker said in a statement. Customer transactions fell for the ninth straight quarter, down 1.8% in the second quarter, but smaller than the 4.8% fall in the first quarter. Comparable sales fell 2% in the quarter, while analysts had expected a 3.54% drop, according to Refinitiv IBES data. "Whether the bottoming in the housing market would translate to sales or not - that's where there is caution from investors," Feldman said.

Persons: Jim Young, Ted Decker, Depot's, Wells, Joe Feldman, Feldman, Deborah Sophia, Sriraj Organizations: REUTERS, U.S, Walmart, Home, Advisory, Thomson Locations: Niles , Illinois, Bengaluru

☆ Home Depot CEO Ted Decker: We knew spending would shift from goods to services
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot CEO Ted Decker: We knew spending would shift from goods to servicesHome Depot CEO Ted Decker sits down with CNBC's Becky Quick ahead of its investor conference to discuss the home improvement retailer's performance, his plans for the business, including how to grow when consumers are shifting spending habits from goods to experiences, and more.

Persons: Ted Decker, CNBC's Becky Quick Organizations: Home

☆ Watch CNBC's full interview with Home Depot CEO Ted Decker
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Home Depot CEO Ted DeckerHome Depot CEO Ted Decker sits down with CNBC's Becky Quick ahead of its investor conference to discuss the home improvement retailer's performance, his plans for the business, including how to grow when consumers are shifting spending habits from goods to experiences, and more.

Persons: Ted Decker, CNBC's Becky Quick Organizations: Home

☆ Candles, clocks and throw pillows: 3 charts show how Home Depot and Lowe’s pivoted to “soft-DIY”
▼ + stars: | 2023-06-10 | by ( Christopher Hickey | ) edition.cnn.com time to read: +6 min

The SEC data analyzed by CNN shows that home decor sales have doubled at both Home Depot and Lowe’s in that time period. By 2022, decor products accounted for 5.4% of Lowe’s sales – more than the tools, building materials, flooring or hardware categories. In 2019, year-over-year net sales at Home Depot and Lowe’s grew by roughly 2% and 1%, respectively. In 2020, Home Depot sales grew by nearly 20%, while Lowe’s saw sales jump by roughly 24%. While still primarily home improvement retailers, expanding into home decor was simply a logical opportunity for Home Depot and Lowe’s, Saunders said — especially online.

Persons: Neil Saunders, ”, it’s, ” Lowe’s, Lowe’s, Saunders, Barbara Kahn, they’re, ” Khan, “ They’re, Ted Decker, won’t, ” Saunders Organizations: CNN, SEC, Global, Home, Depot, Home Depot, ”, University of Pennsylvania’s Wharton School, Advance, US Census Bureau Locations: Lowe’s

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

☆ Premarket stocks: Investors shouldn't ignore this recession warning sign
▼ + stars: | 2023-05-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

“Retail growth held on by the skin of its teeth this month,” said Neil Saunders, managing director of GlobalData. The retailer posted disappointing sales for its first quarter and lowered its outlook for the year as customers slowed their spending. Total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. The bill, which will take effect in January, specifically names TikTok as its target, prohibiting the app from operating within state lines. Pence said he expects to come to a decision about a presidential run before the end of June.

☆ Why Home Depot's weak outlook could be a warning sign for Target earnings
▼ + stars: | 2023-05-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Robyn Beck | AFP | Getty ImagesHome Depot and Target may sell very different kinds of merchandise. But the home improvement retailer's slashed forecast could be seen as a warning sign for the cheap chic retailer. On the other hand, Target, Walmart and other retailers that report in the coming weeks draw from a more representative pool of Americans. Discretionary spending fell year over year in the U.S., according to data from Circana, a market researcher formerly known as The NPD Group and IRI. Plus, Home Depot has some sector-specific advantages — even as mortgage rates rise — that could insulate it from some of the effects of lower discretionary spending.

☆ Falling lumber prices and lower spending by DIY customers drags on Home Depot sales and stock price
▼ + stars: | 2023-05-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Sliding lumber prices and softer consumer demand hit sales at Home Depot in the first quarter. Framing lumber prices dropped 64% in a year, while sales for patio furniture and grills softened. Shares of Home Depot fell as much as 3.9% to an intraday low of $277.10, the weakest price since late October. Lumber prices have also dramatically come off highs hit during the COVID-19 pandemic. Comparable sales fell by 4.5% in the quarter ended April 30 and declined by 4.6% at US stores.

☆ What Home Depot's billion-dollar pay raise may help prove about workers
▼ + stars: | 2023-04-30 | by ( Bob Woods | ) www.cnbc.com time to read: +7 min

"We are confident we can make the investments needed to remain competitive in a tight labor market while also growing our profitability." "The [home improvement] environment seems to be weakening, not accelerating, and therefore incremental wage investments at this time would open the door to more questions and surprise. "They're behaving as they should given the tight labor market, showing leadership and not just thinking about a 12-month timeframe. And in a tight labor market, it's getting increasingly difficult to keep talent [if] you pay unlivable wages and [offer] few opportunities for growth and success." It's hard to say when, and if, Home Depot will see a demonstrable return on the monumental expenditure for its frontline workers.

☆ Premarket stocks: What you need to know about this earnings season
▼ + stars: | 2023-03-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —About 99% of all S&P 500 companies have reported fourth quarter earnings and the results aren’t great. Companies listed in the S&P 500 index beat analysts’ earnings estimates by an average of just 1.3% last quarter. The market is “rewarding positive earnings surprises more than average and punishing negative earnings surprises much less than average for the fourth quarter,” reports FactSet. Inflation is (still) a big dealMore than 325 S&P 500 companies have cited the term “inflation” during their earnings calls for the fourth quarter. This marks the lowest number of S&P 500 companies using the “I”-word on their calls since the third quarter of 2021.

☆ Can't figure out this economy? Walmart, Home Depot are having trouble, too
▼ + stars: | 2023-02-26 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

Joe Raedle | Getty Images News | Getty ImagesIf you think the economy is confusing right now, consider how baffling it must look to Home Depot and Walmart. Home Depot said consumer spending is holding up, but that it expects a flat sales-growth year overall, with declining profits. Friday's PCE showed consumer spending rose more than expected as prices increased, jumping 1.8% for the month compared to the estimate of 1.4%. It wasn't a good week for the retail sector or consumer stocks, either. "The outlook for sustained consumer spending growth remains," wrote consumer analyst Jason English.

☆ Home Depot says it will spend $1 billion to give hourly workers a raise
▼ + stars: | 2023-02-21 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Home Depot on Tuesday said it will spend an additional $1 billion to give its hourly employees a raise, as retailers and restaurants compete for workers. Hourly workers will see the increase, which went into effect on Feb. 6, this month in their paychecks. The increase will boost pay for all hourly workers in the U.S. and Canada. With the move, Home Depot becomes the latest major retailer to signal that the labor market is still tight — especially when it comes to lower-wage hourly workers. The vast majority of its employees are hourly workers at its approximately 2,300 stores in the U.S., Canada and Mexico.

☆ Home Depot gives 'mixed signals' with quarterly beat, dim holiday view
▼ + stars: | 2022-11-15 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Home Depot Inc (HD.N) tapped higher prices to override a drop in customer transactions for the third quarter and left its annual forecasts unchanged, signaling a weak holiday season amid a housing market slowdown. The fourth quarter will be the weakest of the year for comparable sales, it said, amid mounting uncertainties around the housing market. Home Depot saw customer transactions fall 4.3%, but higher prices of lumber, copper and other building materials helped drive average ticket - or the average amount of sales per customer - 8.8% higher, offsetting some pressure. Net earnings increased to $4.34 billion, or $4.24 per share, while analysts on average expected a profit of $4.12 per share. Shares of the company reversed course to gain about 2%, after Walmart Inc (WMT.N) raised its annual sales and profit forecasts, sending retail stocks higher.

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