Atlanta-based The Home Depot reported sales for the fiscal year 2024 were $159.5 billion, up 4.5% from 2023. Profit was $14.8 billion, down 2%.
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For the fourth quarter, sales were $39.7 billion, up 14.1% from the prior-year period. Profit for the quarter was $3 billion, up 7.1%.
In June, The Home Depot acquired SRS Distribution, which contributed $6.4 billion in sales to Home Depot in 2024.
“Growing our share of wallet with all our Pro customers is a key part of our growth strategy,” said Ted Decker, The Home Depot’s president and CEO. “We’ve continued investing in our in-store experience, fulfillment options and sales teams. These investments are delivering incremental sales growth.”
Ann-Marie Campbell, senior executive vice president, said that the company’s improving B2B capabilities, including dedicated sales teams and an enhanced B2B website, have helped it gain more business from contractors.
“Our initiatives are resonating with Pros and not only are we are gaining traction with the larger Pro that works on complex projects, we are also seeing a meaningful lift in sales with all Pros across all purchase occasions,” said Campbell. “In fact, these investments have driven over $1 billion in incremental sales, on an annualized basis, in 17 markets.”
The Home Depot operates 2,347 retail stores and 780 branches across North America, employing over 470,000 people.
As Chief Operations Officer of a Distribution Strategy Group, I'm in the unique position of having helped transform distribution companies and am now collaborating with AI vendors to understand their solutions. My background in industrial distribution operations, sales process management, and continuous improvement provides a different perspective on how distributors can leverage AI to transform margin and productivity challenges into competitive advantages.