The Home Depot Inc. grew its total sales at a faster rate than its online sales in its fiscal Q4, which ended Feb. 2, 2024.

Total Home Depot sales grew $4.9 billion, or 14.1%, in Q4 2024, reaching $39.7 billion. However, comparable sales were close to flat, at 0.8% growth overall and 1.3% growth in the United States.

That discrepancy comes, in part, from Home Depot’s acquisition of SRS Distribution, which it completed in June 2024 for about $18.25 billion. In 2023, SRS Distribution had recorded about $10 billion in revenue, and $1 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

Home Depot’s Q4 2024 also consisted of 14 weeks, compared to 13 the year prior. The extra week added about $2.5 billion in sales for Q4 and 2024 overall, Home Depot said.

Meanwhile, full-year 2024 Home Depot Sales grew $6.8 billion. That’s 4.5% growth year over year to $159.5 billion. And Home Depot comparable sales in 2024 declined 1.8% from 2023. The retailer’s U.S. comparable sales decline was the same at 1.8%.

In Q4, Home Depot’s comparable transactions increased 0.6%. Its comparable average order value (AOV) increased 0.2%. Billy Bastek, executive vice president of merchandising, said on an earnings call with investors that inflation from core commodity categories positively impacted Home Depot’s average order value.

President and CEO Ted Decker said he thinks Home Depot has “the best team to manage through any tariff environment which would impact the industry broadly.” He cited the retailer’s diversification efforts regarding its supply chains.

Home Depot online sales in Q4

Excluding the impact of an extra week in Q4 2024, Home Depot online sales grew 9% year over year in the quarter.

The Home Depot Inc. ranks No. 4 in the Top 2000 Database. The Digital Commerce 360 database ranks North America’s largest online retailers by their annual ecommerce sales. Home Depot is also the top-ranked retailer in the Top 2000’s Hardware & Home Improvement category.

Bastek attributed the growth in Home Depot online sales to focuses on:

• Continuous improvements to the shopping and browsing experience
• Enhancing the delivery and post-delivery experience
• Leveraging AI to enhance chat features and product descriptions
• Creating rating summaries for customers

Ann-Marie Campbell, senior executive vice president, said on the earnings call that nearly all Home Depot Pros shop its stores. The retailer’s in-store improvements have also led to improvements for online order fulfillment and delivery.

Impact of delivery speed and fulfillment on Home Depot sales

“Our delivery speeds are now the fastest they’ve ever been and customers are increasing their spend,” Decker said.

Bastek added onto Decker’s point, saying that Home Depot customers now have more fulfillment options than ever before, including same- and next-day delivery. Delivery speed is part of creating a strong customer experience, which drives higher engagement and conversion, he said.

Part of that comes from investments in Home Depot’s flatbed distribution centers (FDCs).

“Our investments in the FDC network have improved the in store experience by taking many deliveries out of the store, which reduces clutter in the aisles from staged orders,” Campbell told investors. “As a result, our in-stock have improved and our associate availability is higher. The FDC has also enabled faster delivery, expanded fulfillment options and more consistent on-time and complete delivery of larger orders directly to the job site.”

How many stores does Home Depot have?

Home Depot opened 12 new stores in its fiscal 2024. Of those, 10 were in the U.S. and two were in Mexico.

As of the end of its fiscal 2024, Home Depot has 2,347 stores.

Home Depot plans to open another 13 during its fiscal 2025, Decker told investors.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on Home Depot online sales.

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