Where's The Closest Home Depot To Me – While I concluded that Home Depot outperformed its rival, I said, “In the short term, the outlook for both companies is bright as long as the pace of employment growth holds up. Almost everyone whose employment situation improves will at least consider making a kind of improving their home.”
Home Depot Inc. HD, +3.57% and Lowe’s Cos. LOW, +3.75% have improved their efficiency and are enjoying the recovery of the housing market, in stark contrast to some other major retailers, including Wal-Mart Stores Inc. WMT, -0.73% The discount retailer on Tuesday reported a 15% drop in second-quarter earnings, lowered its 2016 earnings outlook and said shrinking inventory eroded profits.
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Home Depot said Tuesday that second-quarter comparable-store sales rose 4.2%, well ahead of the 3.5% consensus estimate among analysts polled by FactSet. US comparable store sales rose 5.7%, higher than the consensus estimate of 4.1%. Still, these growth rates were slower than a year earlier.
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But the slightly slower growth figures do not mean much when you consider that a full year of economic recovery has passed. A year ago, more consumers might have lacked the confidence to embark on home improvement projects.
On Wednesday, Lowe’s second-quarter comparable-store sales rose 4.3% from a year earlier. That was much better than the consensus estimate of 3.7%. Since nearly all of the company’s stores are in the United States, this number compares to Home Depot’s domestic comparable sales growth of 5.7%.
Here are year-over-year comparisons of second-quarter financial results for both companies. Figures are in millions, except for earnings per stock.
Home Depot’s second-quarter net revenue of $24.83 billion came in ahead of the consensus estimate of $24.70 billion, while adjusted earnings per share of $1.71 met the consensus estimate. EPS was adjusted to exclude a gain from the sale of Home Depot Supply Holdings Inc.
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What really pleased investors was that Home Depot raised its guidance for 2015, in part to reflect the expected completion of its acquisition of Interline Brands Inc. IBI, +4.07%. The company raised its forecast sales growth range to 5.2% to 6.0% from the previous range of 4.2% to 4.8%, and for EPS to rise 13% to 14% to a range of $5.31 to $5.36. The previous EPS growth guidance was 11% to 12% to a range of $5.24 to $5.27.
Home Depot bought back $3.1 billion worth of stock during the first half and expects to buy back another $3.9 billion in stock by the end of the year. Home Depot’s average diluted share in the second quarter was down 4.7% from a year earlier, which is why EPS grew at a much faster pace than net income.
Home Depot shares rose 3% Tuesday to close at $122.80. The stock fell slightly on Wednesday, closing at $122.76.
Lowe’s second-quarter sales of $17.35 billion were slightly above the consensus estimate of $17.27 billion, but its EPS of $1.20 came in below the consensus estimate of $1.24. So there were early headlines about the company’s “earnings miss.” But as you can see in the table above, Lowe’s increased its EPS in the second quarter by a whopping 15.4%. The company’s average diluted share count for the second quarter fell 6% year-over-year. Lowe’s has bought back shares worth $2.5 billion during the first half of the year.
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Lowe left its fiscal 2015 outlook unchanged. The company expects sales for the full year to grow between 4.5% and 5%, with comparable store sales to increase by 4% to 4.5%. Earnings per per share for the year is expected to come in at $3.29, which would be a 21% increase from $2.71 in fiscal 2014.
So Home Depot showed stronger growth in comparable sales and earnings, but Lowe’s grew its net sales and EPS faster. Home Depot had a lower operating margin than Lowe’s, but a significantly higher pretax profit margin. We compared pretax margins rather than operating margins because Lowe’s doesn’t report operating income the same way as Home Depot.
Given how well the shares of both companies have performed over the past year, it’s easy to conclude that they are expensive. At Wednesday’s close, shares of Home Depot were trading at 23.1 times the consensus 2015 EPS estimate of $5.30. Lowe’s stock trades at 22.6 times the consensus 2015 EPS estimate of $3.29. Those valuations compare to a current-year price-to-earnings ratio of 17.7% for the S&P 500 Index SPX, +1.47% .
A year ago, Home Deport’s stock traded at 19.3 times the consensus 2014 EPS estimate, while Lowe’s P/E was 18.9 and the S&P 500 traded at 16.5 times the EPS estimate.
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Analysts expect the housing boom to continue, and that can only mean good things for Home Depot and Lowe’s sales and earnings. From the high end of its 2015 guidance range, analysts expect Home Depot’s earnings to grow 14% in 2016, while they expect Lowes to post 20% EPS growth.
US housing starts during July rose at the fastest pace since October 2007, and homebuilder confidence has reached its highest level in nearly 10 years.
So the big trip for Home Depot and Lowe’s may take longer to run. Credit Suisse analyst Seth Sigman said Tuesday that he continued to “see upside” for Home Depot and that the strong sales comparisons were driven by the “outperformance of the Pro business.” He expects the upcoming Interline acquisition to help.
Then again, Sigman maintained his $120 price target for Home Depot, but that was below the stock’s close on Tuesday.
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On Wednesday, Sigman reiterated its outperform rating on Lowe’s with a price target of $70, which is below the current share price. He also said that “the better top-line improvement, including the acceleration on a two-year basis, and less distance to [Home Depot], should be well received in light of the concerns earlier in the quarter.” Then again, he also expressed concern about Lowe’s expense management.
No analyst is recommending selling Home Depot or Lowe’s, as the US housing market is in a good place. They favor Lowe’s, but after gains of 50% for Home Depot and 47% for Lowe’s over the past year, analysts expect much more modest gains over the next 12 months.
Shares of Home Depot and Lowe’s are expensive, but the companies are doing well while the economy grows and the housing market remains robust. They can be excellent defensive plays in a broad stock market that hasn’t traded this high relative to earnings estimates since 2004.
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FIL – The Home Depot store is seen in Philadelphia, Feb. 22, 2022. Home Depot workers in Philadelphia have filed a petition with the Federal Labor Board to form what could be the first storewide union at the world’s largest home improvement retailer. The petition, filed with the National Labor Relations Board, seeks to form a collective bargaining unit for 274 employees working in merchandising, specialty and operations. (AP Photo/Matt Rourke, file)
Home Depot workers in Philadelphia have petitioned the federal labor board to form what could be the first storewide union at the world’s largest home improvement retailer.
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The petition, filed with the National Labor Relations Board this week, seeks to form a collective bargaining unit for 274 employees who work in merchandising, specialty and operations. The federal agency’s database shows no other attempts to form a storewide union at the company, although a group of Home Depot drivers successfully joined the International Brotherhood of Teamsters in 2019.
Sara Gorman, a spokeswoman for Home Depot, said the company is aware of the filing and “we look forward to speaking with our employees about their concerns.”
“While we will of course work through the NLRB process, we do not believe unionization is the best solution for our employees,” Gorman said in an email.
Vincent Quiles, a store employee who is leading the petition, said he delivered the petition with 103 workers’ signatures to the Federal Works Council on Tuesday.
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Quiles, who makes $19.25 an hour in the receiving department, said he and other workers felt they could have benefited more from the record profits Home Depot made during the pandemic as demand for home improvement projects grew. He pointed to two bonuses he received last year that totaled less than $400.
Meanwhile, Quiles said his store felt constantly understaffed, and employees were routinely asked to work in other departments with little training, sometimes angering customers when they couldn’t deliver the expertise expected of them.
“I’d see company visits. They’d say you’re doing a great job, you are
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