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Home Depot Revenue Soars As Consumers Repair Their Homes

Home Depot posts profits that exceed expectations, supported by a jump in sales as consumers move towards repairing and upgrading their homes

Home Depot reported third-quarter results that beat Wall Street analysts’ estimates as consumers spend more money on home improvements, and strong demand will continue into the next quarter as the retailer prepares for the holiday season.

Home Depot executives said that in-store sales growth during the first two weeks of the fourth quarter exceeded the levels of the third quarter, which pushed the company’s shares up more than 4% in early trading, reaching a record high at $387.76 per share.

The company’s net income grew during the third fiscal quarter ending on October 31 to $4.13 billion, or $3.92 per share, after it was $3.43 billion, or $3.18 per share a year ago, knowing that analysts’ estimates did not exceed $3.4 per share. As for net sales, it witnessed a 9.8% jump to $36.82 billion, exceeding expectations of $35.01 billion, while digital sales grew 8% during the quarter. The company added that sales accelerated in October compared to August and September.

Home Depot’s in-store sales increased 6.1%, beating analysts’ estimates of a 2.2% growth. The retailer faced tough comparisons over the past year, when its store sales have skyrocketed as consumers turn to DIY home development projects, compared to the company’s results two years ago, all Home Depot divisions have experienced sales growth.

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