Retail

Home Depot crushes estimates, its sales jump 32.7% as customers rang up bigger purchases


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.

This story is developing. Please check back for updates.



READ SOURCE

Read More   Bansal, Poonawallas to invest Rs 100 crore in lending company U Gro

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.