“We continue to expect second half comp sales to improve as we cycle over easier compares from the DIY pullback that intensified in the third quarter of 2023.”

In context

“illion shares for $743 million, returning $1.4 billion to our shareholders. We ended Q1 at adjusted debt to EBITDAR of 2.93x, and we delivered a return on invested capital above 32%. Looking forward to the remainder of the year, today, we are affirming our full year 2024 outlook. We continue to expect sales ranging from $84 billion to $85 billion and comparable sales in a range of down 2% to down 3% with Pro sales outpacing DIY. We expect operating margin in the range of 12.6% to 12.7% and full year earnings per share of approximately $12 to $12.30. To assist with your modeling, here are a few points to keep in mind for the cadence of the year. First, based on the trends we are seeing in the business, we expect second quarter comparable sales to be roughly in line with the first quarter. We continue to expect second half comp sales to improve as we cycle over easier compares from the DIY pullback that intensified in the third quarter of 2023. As I mentioned on our last call, this is not because we are forecasting an improvement in demand trends this year, it's just that the compares are easier in the second half. In terms of flow-through, we expect operating margin to remain under pressure in Q2, largely due to sales deleverage and cycling a favorable legal settlement. Taking these factors into account, we expect Q2 operating margin rate to be approximately 150 basis points below the prior year rate and flow through of productivity to improve in the second half of the year. Before I close, I'd like to reiterate that our capital allocation strategy remains intact. First, reinvest in the business; second, target a 35% dividend payout ratio and third, return excess cash to shareholders through share repurchases. In 2024, we pla”