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Home Depot's low price guarantee covers online and in-store pre-purchases. For online purchases, Home Depot will price match (including the shipping cost) with online competitors for the identical item if it's currently available and can be shipped immediately. The store will only price match for the customer who originally purchased the product online (and you'll have to verify your identity when you contact Home Depot).
For in-store price matching, Home Depot will match the price of a competitor before you purchase the product (that's what it means by pre-purchases). You'll need to bring the ad or similar verification with you to Home Depot to prove the price, and Home Depot may contact the competitor to verify. Price matching doesn't work on clearance and closeout, customized products, wholesale deals by competitors, seasonal, refurbished, and open-box items.