Exhibit 99.1
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The Home Depot Announces Second Quarter Results

ATLANTA, August 17, 2021 -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $41.1 billion for the second quarter of fiscal 2021, an increase of $3.1 billion, or 8.1 percent from the second quarter of fiscal 2020. Comparable sales for the second quarter of fiscal 2021 increased 4.5 percent, and comparable sales in the U.S. increased 3.4 percent.

Net earnings for the second quarter of fiscal 2021 were $4.8 billion, or $4.53 per diluted share, compared with net earnings of $4.3 billion, or $4.02 per diluted share, in the same period of fiscal 2020. For the second quarter of fiscal 2021, diluted earnings per share increased 12.7 percent from the same period in the prior year.

“I am very proud of our associates, who continue to demonstrate a relentless focus on serving our customers,” said Craig Menear, chairman and CEO. “As a result of their efforts, we achieved a milestone of over $40 billion in quarterly sales for the first time in Company history. I would like to extend my sincere appreciation to our team, as well as our supplier and supply chain partners, as they continue to operate in this dynamic and challenging environment”

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.

At the end of the first quarter, the Company operated a total of 2,298 Home Depot retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 500,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

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Certain statements contained herein constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the impact of the COVID-19 pandemic and the related recovery on our business, operations and financial results (which, among other things, may affect many of the items listed below); the demand for our products and services; net sales growth; comparable sales; effects of competition; our brand and reputation; implementation of store, interconnected retail, supply chain and technology initiatives; inventory and in-stock positions; state of the economy; state of the housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; impact of tariffs; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, suppliers and service providers; international trade disputes, natural disasters, public health issues (including pandemics and quarantines, related shut-downs and other governmental orders, and similar restrictions, as well as subsequent re-openings), and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s



products or services; continuation or suspension of share repurchases; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims and litigation, including compliance with related settlements; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of regulatory changes, including changes to tax laws and regulations; store openings and closures; guidance for fiscal 2021 and beyond; financial outlook; and the impact of acquired companies, including HD Supply Holdings, Inc., on our organization and the ability to recognize the anticipated benefits of those acquisitions. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 31, 2021 and in our subsequent Quarterly Reports on Form 10-Q.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission and in our other public statements.

For more information, contact:
Financial Community News Media
Isabel Janci Sara Gorman
Vice President of Investor Relations and Treasurer Senior Director of Corporate Communications
770-384-2666 770-384-2852
isabel_janci@homedepot.comsara_gorman@homedepot.com



THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
 Three Months EndedSix Months Ended
in millions, except per share dataAugust 1,
2021
August 2,
2020
% ChangeAugust 1,
2021
August 2,
2020
% Change
Net sales$41,118 $38,053 8.1 %$78,618 $66,313 18.6 %
Cost of sales27,453 25,112 9.3 52,211 43,747 19.3 
Gross profit13,665 12,941 5.6 26,407 22,566 17.0 
Operating expenses:
Selling, general and administrative6,433 6,355 1.2 12,807 12,184 5.1 
Depreciation and amortization593 519 14.3 1,180 1,039 13.6 
Total operating expenses7,026 6,874 2.2 13,987 13,223 5.8 
Operating income6,639 6,067 9.4 12,420 9,343 32.9 
Interest and other (income) expense:
Interest and investment income(5)(9)(44.4)(11)(26)(57.7)
Interest expense326 346 (5.8)665 670 (0.7)
Interest and other, net321 337 (4.7)654 644 1.6 
Earnings before provision for income taxes
6,318 5,730 10.3 11,766 8,699 35.3 
Provision for income taxes1,511 1,398 8.1 2,814 2,122 32.6 
Net earnings$4,807 $4,332 11.0 %$8,952 $6,577 36.1 %
Basic weighted average common shares1,058 1,073 (1.4)%1,064 1,073 (0.8)%
Basic earnings per share$4.54 $4.04 12.4 $8.41 $6.13 37.2 
Diluted weighted average common shares1,062 1,077 (1.4)%1,068 1,077 (0.8)%
Diluted earnings per share$4.53 $4.02 12.7 $8.38 $6.11 37.2 
Three Months EndedSix Months Ended
Selected Sales Data (1)
August 1,
2021
August 2,
2020
% ChangeAugust 1,
2021
August 2,
2020
% Change
Customer transactions (in millions)481.7 511.5 (5.8)%928.9 886.3 4.8 %
Average ticket $82.48 $74.12 11.3 $82.43 $74.37 10.8 
Sales per retail square foot
$663.05 $629.38 5.3 $634.30 $547.94 15.8 
 —————
(1)Selected Sales Data does not include results for the legacy Interline Brands business or results for HD Supply Holdings, Inc.



 






THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
in millionsAugust 1,
2021
August 2,
2020
January 31,
2021
Assets
Current assets:
Cash and cash equivalents$4,566 $14,139 $7,895 
Receivables, net3,322 2,562 2,992 
Merchandise inventories18,909 13,498 16,627 
Other current assets1,465 1,162 963 
Total current assets28,262 31,361 28,477 
Net property and equipment24,750 23,387 24,705 
Operating lease right-of-use assets5,960 5,436 5,962 
Goodwill7,454 2,233 7,126 
Other assets4,343 932 4,311 
Total assets$70,769 $63,349 $70,581 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$12,817 $11,691 $11,606 
Accrued salaries and related expenses2,329 2,402 2,463 
Current installments of long-term debt2,428 2,476 1,416 
Current operating lease liabilities814 831 828 
Other current liabilities8,278 6,799 6,853 
Total current liabilities26,666 24,199 23,166 
Long-term debt, excluding current installments33,746 32,370 35,822 
Long-term operating lease liabilities5,360 4,895 5,356 
Other long-term liabilities2,928 2,299 2,938 
Total liabilities68,700 63,763 67,282 
Total stockholders’ equity (deficit)2,069 (414)3,299 
Total liabilities and stockholders’ equity$70,769 $63,349 $70,581 



THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
in millionsAugust 1,
2021
August 2,
2020
Cash Flows from Operating Activities:
Net earnings$8,952 $6,577 
Reconciliation of net earnings to net cash provided by operating activities:
Depreciation and amortization1,414 1,222 
Stock-based compensation expense226 155 
Changes in working capital(603)6,834 
Changes in deferred income taxes(116)13 
Other operating activities74 28 
Net cash provided by operating activities9,947 14,829 
Cash Flows from Investing Activities:
Capital expenditures(1,042)(1,032)
Payments for businesses acquired, net(416)— 
Other investing activities— 12 
Net cash used in investing activities(1,458)(1,020)
Cash Flows from Financing Activities:
Repayments of short-term debt, net— (974)
Proceeds from long-term debt, net of discounts and premiums— 4,960 
Repayments of long-term debt(1,434)(1,806)
Repurchases of common stock(6,905)(791)
Proceeds from sales of common stock167 164 
Cash dividends(3,526)(3,223)
Other financing activities(136)(127)
Net cash used in financing activities(11,834)(1,797)
Change in cash and cash equivalents(3,345)12,012 
Effect of exchange rate changes on cash and cash equivalents16 (6)
Cash and cash equivalents at beginning of period7,895 2,133 
Cash and cash equivalents at end of period$4,566 $14,139