The Home Depot Announces First Quarter Results; Reaffirms Fiscal Year 2019 Guidance

Dienstag, 21.05.2019 12:00 von PR Newswire

PR Newswire

ATLANTA, May 21, 2019 /PRNewswire/ -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $26.4 billion for the first quarter of fiscal 2019, a 5.7 percent increase from the first quarter of fiscal 2018. Comparable sales for the first quarter of fiscal 2019 were positive 2.5 percent, and comparable sales in the U.S. were positive 3.0 percent. In the first quarter, the difference between the Company's sales growth and comparable sales performance reflects a shift in the calendar base due to 53 weeks of sales in fiscal 2018.

The Home Depot logo. (PRNewsFoto/The Home Depot) (PRNewsFoto/)

Net earnings for the first quarter of fiscal 2019 were $2.5 billion, or $2.27 per diluted share, compared with net earnings of $2.4 billion, or $2.08 per diluted share, in the same period of fiscal 2018. For the first quarter of fiscal 2019, diluted earnings per share increased 9.1 percent from the same period in the prior year.

"We were pleased with the underlying performance of the core business despite unfavorable weather in February and significant deflation in lumber prices compared to a year ago," said Craig Menear, chairman, CEO and president.

"Looking ahead, we remain excited about the momentum we are seeing with our strategic investments. As a result of these initiatives, and the current macroeconomic and housing backdrop, today we are reaffirming our sales and earnings guidance for fiscal 2019. I would like to thank our associates for their hard work and continued dedication to our customers."

Fiscal 2019 Guidance

The Company reaffirmed its guidance for fiscal 2019, a 52-week year compared to fiscal 2018, a 53-week year. The Company expects its fiscal 2019 sales to grow by approximately 3.3 percent and comp sales for the comparable 52-week period to be up approximately 5.0 percent. The Company also reaffirmed its diluted earnings-per-share growth guidance for the year and expects diluted earnings-per-share growth of approximately 3.1 percent from fiscal 2018 to $10.03.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at http://ir.homedepot.com/events-and-presentations.

At the end of the first quarter, the Company operated a total of 2,289 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth; comparable sales; effects of competition; implementation of store, interconnected retail, supply chain and technology initiatives; inventory and in-stock positions; state of the economy; state of the housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, suppliers and vendors; continuation of share repurchase programs; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims and litigation; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of the Tax Cuts and Jobs Act of 2017 and other regulatory changes; store openings and closures; guidance for fiscal 2019 and beyond; financial outlook; and the integration of acquired companies into our organization and the ability to recognize the anticipated synergies and benefits of those acquisitions.  Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events.  You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those described in Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended February 3, 2019 and in our subsequent Quarterly Reports on Form 10-Q.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission.

THE HOME DEPOT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)



Three Months Ended



in millions, except per share data

May 5,
2019


April 29,
2018


% Change

Net sales

$

26,381



$

24,947



5.7

%

Cost of sales

17,364



16,330



6.3


Gross profit

9,017



8,617



4.6


Operating expenses:






Selling, general and administrative

4,940



4,779



3.4


Depreciation and amortization

480



457



5.0


Total operating expenses

5,420



5,236



3.5


Operating income

3,597



3,381



6.4


Interest and other (income) expense:






Interest and investment income

(15)



(22)



(31.8)


Interest expense

288



261



10.3


Interest and other, net

273



239



14.2


Earnings before provision for income taxes

3,324



3,142



5.8


Provision for income taxes

811



738



9.9


Net earnings

$

2,513



$

2,404



4.5

%







Basic weighted average common shares

1,101



1,152



(4.4)

%

Basic earnings per share

$

2.28



$

2.09



9.1








Diluted weighted average common shares

1,106



1,158



(4.5)

%

Diluted earnings per share

$

2.27



$

2.08



9.1









Three Months Ended



Selected Sales Data (1)

May 5,
2019


April 29,
2018


% Change

Customer transactions (in millions)

390.0



375.9



3.8

%

Average ticket

$

67.31



$

66.02



2.0


Sales per square foot

$

435.18



$

412.03



5.6


—————

(1)

Selected Sales Data does not include results for the legacy Interline Brands business, now operating as a part of The Home Depot Pro.

 

 

THE HOME DEPOT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


in millions

May 5,
2019


April 29,
2018


February 3,
2019

Assets






Cash and cash equivalents

$

1,882



$

3,599



$

1,778


Receivables, net

2,317



2,296



1,936


Merchandise inventories

15,495



14,432



13,925


Other current assets

859



887



890


Total current assets

20,553



21,214



18,529


Net property and equipment

22,270



21,928



22,375


Operating lease right-of-use assets

5,629






Goodwill

2,250



2,281



2,252


Other assets

813



1,227



847


Total assets

$

51,515



$

46,650



$

44,003








Liabilities and Stockholders' Equity






Short-term debt

$

372



$

350



$

1,339


Accounts payable

10,311



9,726



7,755


Accrued salaries and related expenses

1,418



1,413



1,506


Current installments of long-term debt

1,084



1,199



1,056


Current operating lease liabilities

793






Other current liabilities

5,695



5,445



5,060


Total current liabilities

19,673



18,133



16,716


Long-term debt, excluding current installments

26,804



24,244



26,807


Long-term operating lease liabilities

5,145






Other liabilities

2,036



2,586



2,358


Total liabilities

53,658



44,963



45,881


Total stockholders' (deficit) equity

(2,143)



1,687



(1,878)


Total liabilities and stockholders' equity

$

51,515



$

46,650



$

44,003


 

 

THE HOME DEPOT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Three Months Ended

in millions

May 5,
2019


April 29,
2018

Cash Flows from Operating Activities:




Net earnings

$

2,513



$

2,404


Reconciliation of net earnings to net cash provided by operating activities:




Depreciation and amortization

547



532


Stock-based compensation expense

86



84


Changes in working capital

1,333



1,031


Changes in deferred income taxes

5



(9)


Other operating activities

91



(61)


Net cash provided by operating activities

4,575



3,981






Cash Flows from Investing Activities:




Capital expenditures, net of non-cash capital expenditures

(681)



(556)


Proceeds from sales of property and equipment

6



8


Other investing activities

(13)




Net cash used in investing activities

(688)



(548)






Cash Flows from Financing Activities:




Repayments of short-term debt, net

(967)



(1,209)


Repayments of long-term debt

(15)



(10)


Repurchases of common stock

(1,368)



(1,121)


Proceeds from sales of common stock

34



14


Cash dividends

(1,499)



(1,189)


Other financing activities

40



115


Net cash used in financing activities

(3,775)



(3,400)


Change in cash and cash equivalents

112



33


Effect of exchange rate changes on cash and cash equivalents

(8)



(29)


Cash and cash equivalents at beginning of period

1,778



3,595


Cash and cash equivalents at end of period

$

1,882



$

3,599


 

  

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/the-home-depot-announces-first-quarter-results-reaffirms-fiscal-year-2019-guidance-300853548.html

SOURCE The Home Depot

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.