Home Depot reported a 32.7% jump in sales in fiscal Q1

Home Depot reported a 32.7% jump in sales in fiscal Q1

One of the largest home improvement retailers in the US posted quarterly results that crushed estimates

For the 2021 fiscal first quarter, Home Depot reported an EPS of $3.86 on revenues of $37.5 billion. The market was looking for earnings-per-share of $3.08 and revenue of $34.96 billion. The company’s net sales rose 32.7%, while the global same-store sales surged 31% for the quarter. The retailer’s net income came in at $4.5 billion, up from the $2.25 billion reported at the same time last year.

It is the first quarter when Home Depot faces year-over-year comparisons to its business during the pandemic lockdown. During the year-ago period, its first-quarter same-store sales went up 6.4%.

For the entire fiscal year, Home Depot hasn’t released an outlook.

After the news hit the wires, Home Depot stock price added more than 2%. Since the beginning of the year, its stock has risen more than 20%, reaching a market value of $344 billion.

Source: cnbc.com

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