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Instacart, Home Depot launch same-day delivery nationwide

Published 05/23/2024, 10:36 PM
© Reuters.
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SAN FRANCISCO and ATLANTA - In a move to enhance e-commerce convenience, Instacart (NASDAQ: NASDAQ:CART) and The Home Depot (NYSE: NYSE:HD) have rolled out a nationwide same-day delivery service.

This collaboration enables customers to receive a broad array of home improvement products, from gardening supplies to lighting fixtures, within as little as an hour from nearly 2,000 Home Depot stores across the country.

This service expansion follows a successful pilot and is part of The Home Depot's strategy to provide an interconnected shopping experience. Instacart's Big & Bulky fulfillment solution will also be available, catering to the delivery of heavier items up to 60 pounds.

Jordan Broggi, President - Online at The Home Depot, emphasized the importance of their physical stores while acknowledging the need to enhance online offerings. "Expanding our e-commerce capabilities is a key part of our ongoing efforts to deliver a seamless interconnected experience," Broggi stated.

Blake Wallace, Senior Director of Retail Partnerships at Instacart, expressed enthusiasm about the partnership's potential to extend their marketplace beyond groceries and to support The Home Depot's e-commerce growth. "Our partnership simplifies access to essential home improvement products," Wallace said, highlighting the benefit to customers of having rapid delivery options.

The collaboration is seen as a significant step for Instacart in diversifying its services beyond grocery delivery. It also represents a strategic move for The Home Depot to meet the evolving shopping preferences of its customers.

This delivery initiative news is based on a press release statement.

InvestingPro Insights

As Instacart (NASDAQ: CART) expands its service offerings with The Home Depot, the company's financial health and strategic moves are crucial for investors to consider. Instacart's management has shown confidence in the company's trajectory by aggressively buying back shares, signaling a bullish outlook on the firm's value. This is complemented by a strong balance sheet, where Instacart holds more cash than debt, providing flexibility and stability for future operations.

InvestingPro Data highlights Instacart's significant gross profit margin of 74.44% in the last twelve months as of Q1 2024, underscoring the company's ability to maintain profitability on its sales. Additionally, the company's market cap stands at $8.7 billion, with a notable revenue growth of 10.62% during the same period, reflecting a positive trend in the company's earnings potential. These metrics, combined with a large price uptick of 31.17% over the last six months, illustrate a robust financial performance that may attract investors looking for growth opportunities.

For those interested in deeper analysis, there are additional InvestingPro Tips available, including insights on net income growth expectations and analyst earnings revisions. With these tools, investors can gain a more comprehensive understanding of Instacart's financial outlook. Use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription for more in-depth investment analysis on Instacart at https://www.investing.com/pro/CART.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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