The Home Depot, Inc. (HD) reported strong quarterly earnings, reporting a 31% jump in quarterly same-store sales, as revenue and profit surged as Americans continued to invest more to upgrade their living spaces. Home Depot also benefited from a years-long focus on e-commerce, particularly in services such as the “click and collect” service.
Same-store sales growth was expected to drop in the first quarter to 19.9% from 24.5% in the prior three-month period, as virus restrictions eased, more citizens get inoculated, and outdoor activities resumed. But the same-store sales were reported to be the greatest increase in recent years, beating expectations.
Net sales increased 32.7% to $37.50 billion, ahead of estimates of $34.96 billion. Net earnings increased to $4.15 billion, or $3.86 per share, in comparison to $2.25 billion, or $2.08 per share, a year earlier. Home Depot did not provide a forecast for the year.
The Home Depot, Inc. (HD) is the world’s largest home improvement retailer with retail stores all across North America. The Home Depot sells building materials and home improvement products, as well as lawn and garden supplies, and provides installation, home maintenance, and professional service programs. To learn more about The Home Depot, Inc. (HD), and to continue to track its progress please vista Partners The Home Depot, Inc. Coverage Page.
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