Atlanta-based The Home Depot reported sales for its fiscal 2024 first quarter were $36.4 billion, down 2.3% from the prior-year period.
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Profit for the quarter was $3.6 billion, down 8% from a year ago.
“The team executed at a high level in the quarter, and we continued to grow market share,” said Ted Decker, president and CEO. “And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement.”
The quarter was marked by The Home Depot’s announced acquisition of SRS Distribution, Texas-based distributor of roofing materials and building supplies, a sign that the major retailer will continue to move into more distribution verticals.
