The company’s organic sales declined by 3.3% year-over-year, while SRS Distribution contributed $1.3 billion in 2Q net sales.
Latest In The Home Depot
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The do-it-yourself and contractor supply retailer tapped its online operations lead to take on customer experience.
The company says the deal allows it to better serve the “complex purchase occasion” and establishes it as a leading specialty trade distributor across multiple vehicles.
CEO Ted Decker noted a weather-delayed start to spring and continued softness in certain larger discretionary projects.
Mike Hockett and Craig Webb break down the key details of the combination, why it makes sense for Home Depot and why this was likely the long-term play for SRS all along.
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Building product distributor SRS Distribution will operate as an independent business unit within The Home Depot and focus on Pro customers.
By the end of 2024, The Home Depot expects to have 17 of its top pro markets equipped with new capabilities for pros.
CEO Ted Decker noted that 2023 was "a year of moderation" for the DIY and contractor supply retail giant.
Construction Resources will allow Home Depot to expand the capabilities it offers professional contractors, a target market for the retailer.
The company said Pro customers outperformed DIY in the quarter, but by the narrowest margin in quite some time.
In line with The Home Depot's efforts to grow its underserved Pro market, the retail giant has named two executives to help lead the charge.
The Home Depot Foundation will expand its current training programs and create new avenues to help fill the country's skilled labor gap.
Lumber deflation and a wet start to spring drove a dip in Home Depot's sales, just as it did in the first quarter.
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MRO distributor HD Supply has closed its first acquisition since being re-acquired by Home Depot in late 2020.
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The home improvement retailer recently agreed to pay more than $72M to workers who were denied wages while they were ‘standing around.’
By 2024, the company says it will complete its goal by focusing on reducing fixed costs beyond product and transportation expenses.
