• Fri. Dec 3rd, 2021

Dwelling Depot (HD) Q3 2021 earnings beat estimates

ByHanna

Nov 16, 2021

Dwelling Depot on Tuesday reported quarterly earnings and income that beat analysts’ forecasts as prospects spent extra on residence enchancment tasks. 

The corporate’s shares fell lower than 1% in premarket buying and selling.

Here is what the house enchancment retailer reported in contrast with what Wall Avenue was anticipating, primarily based on a survey of analysts by Refinitiv:

  • Earnings per share: $3.92 vs. $3.40 anticipated
  • Income: $36.82 billion vs. $35.01 billion anticipated

Internet earnings 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 yr earlier. Analysts surveyed by Refinitiv had been anticipating earnings per share of $3.40.

Internet gross sales rose 9.8% to $36.82 billion, topping expectations of $35.01 billion. Identical-store gross sales climbed 6.1% within the quarter, beating StreetAccount estimates of two.2%. The retailer confronted robust comparisons with a yr in the past, when its same-store gross sales had been hovering, because of shoppers taking over extra do-it-yourself tasks.

A powerful housing market has helped Dwelling Depot and rival Lowe’s. Shoppers have been investing extra as residence costs climb, rising almost 20% in contrast with a yr in the past. Demand for supplies has been rising from residence professionals, serving to to offset decrease demand from do-it-yourself tasks. Dwelling Depot holds a bigger share of the skilled market, though Lowe’s is making an attempt to win extra of that enterprise.

This quarter, Dwelling Depot’s buyer transactions fell by 5.5% to 428.2 million. However shoppers had been spending extra after they did go to, elevating the common ticket by 12.9% to $82.38. Gross sales per sq. foot elevated by 6.2% in quarter.

Learn the complete earnings launch right here.

https://www.cnbc.com/2021/11/16/home-depot-hd-q3-2021-earnings.html

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