Customers wearing protective masks wait to check out at a Home Depot store in Pleasanton, California, U.S., on Monday, Feb. 22, 2021.
David Paul Morris | Bloomberg | Getty Images
Home Depot on Tuesday crushed Wall Street’s earnings estimates as consumers spent more money at the retailer this quarter.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $3.86, vs. $3.08 expected
- Revenue: $37.5 billion, vs. $34.96 billion expected
The retailer reported fiscal first-quarter net income of $4.15 billion, or $3.86 per share, up from $2.25 billion, or $2.08 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $3.08.
Net sales rose 32.7% to $37.5 billion, beating expectations of $34.96 billion. Global same-store sales surged 31% for the quarter.
This is the first quarter that the retailer is facing year-over-year comparisons to its business during lockdowns. A year ago, its first-quarter same-store sales grew 6.4%. Home Depot was classified as an essential business, accelerating sales for the company’s do-it-yourself business as consumers tackled new projects while at home.
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