“Home Depot earnings top estimates fueled by 9.8% jump in sales as consumers fix up homes”
November 16, 2021
“Home Depot on Tuesday reported third-quarter earnings and revenue that beat analysts’ forecasts as customers spent more on home improvement projects. Strong demand is carrying over into the next quarter as the retailer readies for the holiday season. The company’s shares rose more than 2% in morning trading.
Here’s what the home improvement retailer reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $3.92 vs. $3.40 expected
- Revenue: $36.82 billion vs. $35.01 billion expected
Net income for the fiscal third quarter ended Oct. 31 rose to $4.13 billion, or $3.92 per share, from $3.43 billion, or $3.18 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $3.40.
Net sales rose 9.8% to $36.82 billion, topping expectations of $35.01 billion. Digital sales increased by 8% in the quarter.
Home Depot’s same-store sales climbed 6.1%, beating StreetAccount estimates of 2.2%. The retailer faced tough comparisons with a year ago, when its same-store sales were soaring, thanks to consumers taking on more do-it-yourself projects. Same-store sales of items that cost more than $1,000 surged 18% in the third quarter…”
https://www.cnbc.com/2021/11/16/home-depot-hd-q3-2021-earnings.html