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HomeFinancialHouse Depot (HD) Q2 2022 earnings

House Depot (HD) Q2 2022 earnings

A buyer carrying a protecting masks masses lumber at a House Depot retailer in Pleasanton, California, Feb. 22, 2021.

David Paul Morris | Bloomberg | Getty Photos

Home Depot on Tuesday reported quarterly earnings and income that beat analysts’ expectations as the corporate cited continued power in demand for dwelling enchancment tasks.

“Our crew has accomplished a unbelievable job serving our clients, whereas persevering with to navigate a difficult and dynamic surroundings,” House Depot CEO and President Ted Decker stated in a press release.

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

  • Earnings per share: $5.05, adjusted, vs. $4.94 anticipated
  • Income: $43.79 billion vs. $43.36 billion anticipated

Identical retailer gross sales rose 5.8%, in contrast with development of 4.9% analysts anticipated, based on FactSet.

The Atlanta-based firm stated complete buyer transactions slipped to 467.4 million from 481.7 million within the year-ago interval, whereas common ticket grew 9% to $90.02 from $82.48. This might point out gross sales pushed by skilled contractors, who are likely to make fewer visits and buy in greater portions.

Gross sales per retail sq. foot grew 5.7% in comparison with the identical quarter final yr.

For the three-month interval ended July 31, House Depot stated internet revenue rose to $5.17 billion, up 7.6% from the prior yr. Web gross sales grew 6.5% from a yr in the past, which House Depot stated marked its highest-ever quarterly gross sales.

House Depot stated it nonetheless expects complete gross sales for 2022 to develop about 3% from a yr in the past.

Shares of the corporate had been down about 1% in pre-market buying and selling.

This story is growing. Please test again for updates.

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