ADDED
IRS Internal Revenue Service MD A Management s Discussion and Analysis of Financial Condition and Results of Operations MRO Maintenance, repair, and operations NOPAT Net operating profit after tax NYSE New York Stock Exchange PLCC Private label credit card Pro Professional customer Restoration Plans Home Depot FutureBuilder Restoration Plan and HD Supply Restoration Plan ROIC Return on invested capital SEC Securities and Exchange Commission Securities Act Securities Act of 1933, as amended SG A Selling, general, and administrative expenses SRS SRS Distribution Inc.
As of the end of fiscal 2025, we o perated 2,359 stor es located throughout the U.S.
We also maintain a network of distribution and fulfillment centers, as well as mobile applications and e-commerce websites in the U.S., Canada, and Mexico.
In fiscal 2025, SRS completed the acquisition of GMS, a leading distributor of specialty building products, including drywall, ceilings, steel framing and other complementary construction products.
At the end of fiscal 2025, SRS, which includes GMS, operated over 1,250 locations throughout the U.S.
and Canada, most of which have a distribution center, material handling and delivery equipment, and inventory.
Following the GMS acquisition, SRS is organized as four different lines of business: roofing and building products, interior and construction products, landscape, and pool.
OUR BUSINESS OUR STRATEGY The Home Depot is focused on leveraging its distinct competitive advantages our brand, excellent customer service, product authority in home improvement, knowledgeable associates and culture, scale, premier real estate portfolio, digital and interconnected experience, supply chain network, and our deep relationships with Pros to take advantage of the significant growth opportunities in the highly fragmented markets in which we operate.
In fiscal 2025, we strategically invested across our business to advance our growth strategy: Drive our core and culture by supporting our associates so that they can deliver the best customer experience in home improvement; Deliver a frictionless interconnected customer experience, regardless of whether our customers choose to engage and shop with us in-store or through our digital properties; and Win with Pros through our differentiated value proposition and ecosystem of capabilities.
We believe that this strategy will help us grow faster than the market and deliver value to our shareholders.
REMOVED
As of the end of fiscal 2024, we operated 2,347 stores located throughout the U.S.
We also maintain a network of distribution and fulfillment centers, as well as a number of e-commerce websites in the U.S., Canada and Mexico.
At the end of fiscal 2024, SRS operated over 780 branch locations throughout the U.S., each of which has a distribution center, material handling and delivery equipment, and inventory.
SRS is organized as three different lines of business: roofing and complementary building products, landscape, and pool.
OUR BUSINESS OUR STRATEGY The retail landscape has changed rapidly over the past several years, with a complex macroeconomic environment and customer expectations continually evolving.
In fiscal 2024, our strategy allowed us to continue to execute at a high level despite continued pressure on home improvement demand from high interest rates and macroeconomic uncertainty.
We continued our strategic investments aimed at creating an interconnected, frictionless shopping experience that enables our customers to seamlessly blend the digital and physical worlds, growing our market share with Pros through our ecosystem of capabilities, and building new stores.
Going forward, we will continue to leverage the momentum of these investments and invest in our business in support of the following goals: We intend to provide the best customer experience in home improvement and develop differentiated capabilities for our customers; We intend to extend our position as the low-cost provider in home improvement; and We intend to be the most efficient investor of capital in home improvement.
We believe that these goals will help us grow faster than the market and deliver value to our shareholders.
We are steadfast in our commitments to focus on our people, operate sustainably, and strengthen our communities, and we believe being informed by other stakeholder perspectives will drive shareholder value creation.