Do-it-yourself and contractor supplies retailer The Home Depot reported its 2024 first quarter financial results on May 14, showing continued overall sales declines ahead of its busiest season.

The company posted total 1Q sales of $36.4 billion, down 2.3% year-over-year, with comparable sales down 2.8% (-3.2% in U.S.). 

In Home Depot’s financial release, CEO Ted Decker noted a weather-delayed start to spring and continued softness in certain larger discretionary projects impacting the quarter’s results. 

It was Home Depot’s sixth straight quarter of comparable sales decline.

Home Depot’s 1Q gross margin of 34.1% fell 40 basis points year-over-year; operating profit of $5.08 billion (14.1% margin) was down 8.5% and net profit of $3.6 billion was down 7.0%.

Sales at stores open at least one year — considered a key barometer of a retailer’s health — fell 2.8% globally and 3.2% in the U.S.

Average customer tickets also dipped during the quarter, with average transactions of $90.68 down from $91.92 a year earlier. Sales per retail square foot fell 3.4%.

Home Depot opened approximately 12 new stores during 1Q.

Of course, the company ended the quarter by announcing a pending landmark acquisition of building products distributor SRS Distribution in a deal valued at $18.25 billion. Announced March 28, that transaction is expected to close by the end of the year.

• Premium: What SRS Distribution Does for Home Depot, and Some Remaining Questions (April 1)
• MDM Podcast: A Home Depot-SRS Megadeal Breakdown (April 3)