One of the largest home improvement retailers in the US posted quarterly results that crushed estimates
For the 2021 fiscal first quarter, Home Depot reported an EPS of $3.86 on revenues of $37.5 billion. The market was looking for earnings-per-share of $3.08 and revenue of $34.96 billion. The company’s net sales rose 32.7%, while the global same-store sales surged 31% for the quarter. The retailer’s net income came in at $4.5 billion, up from the $2.25 billion reported at the same time last year.
It is the first quarter when Home Depot faces year-over-year comparisons to its business during the pandemic lockdown. During the year-ago period, its first-quarter same-store sales went up 6.4%.
For the entire fiscal year, Home Depot hasn’t released an outlook.
After the news hit the wires, Home Depot stock price added more than 2%. Since the beginning of the year, its stock has risen more than 20%, reaching a market value of $344 billion.