Home Depot expects single-digit total sales increase for 2020

The Home Depot is heading into fiscal 2020 expecting year-over-year improvement in its rate of total sales growth.

At its 2019 investor and analyst conference, the home improvement giant reaffirmed its guidance for fiscal 2019. This includes total sales growth of approximately 1.8% and same-store sales growth for the comparable 52-week period of approximately 3.5% (fiscal 2018 was a 53-week year). Diluted earnings-per-share are expected to increase 3.1% from fiscal 2018 to $10.03.

In addition, Home Depot is providing a preliminary fiscal 2020 outlook that includes total sales growth of approximately 3.5% to 4% and same-store sales growth of approximately 3.5% to 4%.

Home Depot also provided an update on its “One Home Depot” strategy, which is based on delivering a “frictionless, interconnected” shopping experience that enables customers to seamlessly blend the digital and physical worlds. In fiscal 2018, the company began a three-year, accelerated investment program to position itself as One Home Depot. 

Investments supporting this strategy follow a customer-back approach, touching every aspect of the company's business. They include store enhancements and new e-commerce solutions, delivery options, and a comprehensive ecosystem for professional customers.

"We are confident that the investments we are making in the One Home Depot experience will address the evolving needs of our customers. We are building on our distinct competitive advantages to capitalize on a large and fragmented market opportunity and extend our leadership position for years to come," said Craig Menear, chairman, CEO and president, Home Depot.

The Home Depot operates 2,291 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, and Mexico.