Home Depot posts better-than-expected quarter despite inflation
Home Depot reported Tuesday its third-quarter revenue increased nearly 6% to $38.9 billion, beating analyst expectations, as the retailer continued to beckon customers despite rising costs and macroeconomic pressures.
The company posted a profit of $4.3 billion, or $4.24 per diluted share, up from $4.1 billion, or $3.92 billion, from the same quarter last year.
Here’s what Home Depot reported on Tuesday, compared to analyst expectations, based on a survey of analysts by Refinitiv:
- Earnings per share: $4.24, vs. $4.12 expected
- Revenue: $38.87 billion, vs. $37.96 billion expected
On Tuesday Home Depot reaffirmed its full-year guidance ahead of the key holiday quarter, noting it expects diluted earnings per share percentage growth in the mid-single digits. The company also expects comparable store sales to grow about 3% and an operating margin of approximately 15%.
Home Depot’s stock was slightly down on Tuesday in premarket trading.
Investors have kept an eye on Home Depot’s performance and whether shoppers are still spending on renovations and do-it-yourself home improvements as they face persistent inflation.
Home Depot said that while its customer transactions were down slightly more than 4%, its average ticket prices rose about 9% to $89.67. The company also said its sales per-retail-square-foot rose 5%.
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