Home Depot’s second-quarter earnings beat expectations, company stands by 2022 guidance
Home Depot on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations as the company cited continued strength in demand for home improvement projects.
Our team has done a fantastic job serving our customers, while continuing to navigate a challenging and dynamic environment,” Home Depot CEO and President Ted Decker said in a statement.
Here’s what the home improvement retailer reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $5.05, adjusted, vs. $4.94 expected
- Revenue: $43.79 billion vs. $43.36 billion expected
Same store sales rose 5.8%, compared with growth of 4.9% analysts expected, according to FactSet.
The Atlanta-based company said total customer transactions slipped to 467.4 million from 481.7 million in the year-ago period, while average ticket grew 9% to $90.02 from $82.48. This could indicate sales driven by professional contractors, who tend to make fewer visits and purchase in higher quantities.
Sales per retail square foot grew 5.7% compared to the same quarter last year.
For the three-month period ended July 31, Home Depot said net income rose to $5.17 billion, up 7.6% from the prior year. Net sales grew 6.5% from a year ago, which Home Depot said marked its highest-ever quarterly sales.
Home Depot said it still expects total sales for 2022 to grow about 3% from a year ago.
Shares of the company were down about 1% in pre-market trading.
This story is developing. Please check back for updates.
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