Home Depot 1Q Results Show Strong Sales Growth; Profit Climbs
18 May 2021 - 8:45PM
Dow Jones News
By Matt Grossman
Home Depot Inc. Tuesday posted strong sales growth and said
comparable-store sales grew by nearly a third year over year as
strong demand continued to lift the retailer's results during the
Covid-19 pandemic.
The Atlanta-based home-improvement retailer logged earnings of
$3.86 a share, a rise from $2.08 a share in the same three-month
period a year earlier. Total net earnings rose to $4.15 billion,
from $2.25 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast a profit of $3.02 a
share.
Sales climbed to $37.5 billion, from $28.26 billion in 2020's
fiscal first quarter. Analysts were expecting sales of $34.82
billion.
Home Depot's comparable-store sales rose 31%, with
comparable-store sales in the U.S. climbing 30%. Home Depot Chief
Executive Craig Menear said the company's management of strong
demand for home-improvement projects contributed to its sales
growth.
Home Depot's sales over the past year have been boosted by
shifting consumer behavior during the Covid-19 pandemic, including
a rising focus on the home amid lockdowns and telecommuting.
Home Depot's number of customer transactions was 447.2 million
in the quarter, a 19% rise from 374.8 million a year earlier. The
average ticket was $82.37, compared with $74.70 a year ago.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
May 18, 2021 06:30 ET (10:30 GMT)
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