Home Depot announced an EPS of $4.53 on revenues of $41.12 billion. Both figures came ahead of the $4.44 earnings/share and $40.79 billion, respectively, expected. Compared to the same quarter of last year, revenue climbed 8.1% from the $38.05 billion reported.
However, Home Depot’s same-store sales came in slightly below expectations, posting a modest 4.5% growth, as the company skipped a period a year earlier when customers rushed to its stores to buy paint, wood, gardening supplies and other materials for home remodeling projects. Analysts were looking for a 5% increase. US same-store sales gained 3.4% in the quarter, compared to the 25% surge in the year-ago period.
The retail recently added HD Supply – a distributor of appliances, plumbing and electrical equipment.
Home Depot didn’t provide a full-year outlook citing uncertainty around the COVID-19 pandemic, but analysts believe that inflation could be one-factor boosting sales.
Since the beginning of the year, Home Depot share price went up 26%.