Home Depot Inc. (HD): Takeaways from the HD Management Dinner

Goldman Sachs hosted a dinner with Home Depot management (CFO Richard McPhall and EVP of Merchandising Billy Bastek). Key takeaways: (1) Despite the toughest interest-rate and housing environment in years, Q2 beat expectations and management remains committed to taking market share, with category share gains in drywall, concrete and lumber; consumer sentiment is pressured but long-term fundamentals are constructive. (2) The Pro segment posted its 8th consecutive quarter of positive comps; SRS and GMS integrations are on track, with 90% of HD stores having fulfilled an SRS order, and pool/landscape categories strong. (3) Supply-chain investments are yielding faster delivery—65% of parcels same/next-day, Express Delivery within two hours, and 55% of bulky orders within two days—widening the moat versus Amazon. (4) Margins are stable on strategic pricing and improved shrink;