2025-05-20-Bernstein-家得宝公司（HD）_快速解读家得宝2025年第一季度同店销售为负但维持2025财年指引；聚焦关税影响_11页_451kb

Home Depot Q1 2025 Earnings Summary

• Earnings Overview: Home Depot reported Q1 2025 with negative comparable sales growth of -0.3%, driven by inconsistent weather, weak big ticket projects, and foreign exchange headwinds of 70bps. Adjacent EBIT margin and EPS fell short of consensus expectations.

• Financial Performance: Net sales increased by 9.4% YoY, but comp sales declined due to external factors. Margins featured a 40bps contraction in gross margin and a greater miss in adjusted EBIT margin compared to analyst projections.

• Guidance: The company maintained its FY25 guidance, expecting comp sales growth of 1.0% (vs. consensus 1.2%), with focus on potential tariff impacts from about 50% of imports. HD acknowledged but did not fully account for sales lifts from bolt-on acquisitions in its forward outlook.

• Rating and Price Target: Bernstein assigns a Market-Perform rating with a $380 price target, reflecting cautious medium-term views.

• Investment Implications: Risks include muted home improvement demand due to high mortgage rates and consumer constraints; upside factors include potential margin expansion from Pro and specialty trade investments. Uncertainty persists, with no clear catalysts expected until FY27 for sustained growth.