By MICHELLE CHAPMAN, AP Business Writer
Home Depot’s gross sales proceed to surge, although same-store gross sales appeared to return again to earth after a 12 months through which the house enchancment chain outperformed expectations repeatedly.
For the three months ended August 1, gross sales climbed to $41.12 billion from $38.05 billion. Chairman and CEO Craig Menea stated in a ready assertion Tuesday that this was the primary time the chain surpassed quarterly gross sales of greater than $40 billion.
It additionally surpassed the $40.71 billion analysts had been anticipating, in accordance with a survey by Zacks Investment Research.
However, gross sales at shops open at the least a 12 months, a key indicator of a retailer’s well being, elevated 4.5%, and three.4% within the U.S. Wall Street had anticipated same-store gross sales of 5.4% in accordance with FactSet.
Shares fell practically 4% earlier than the opening bell.
Home enchancment shops have been extremely busy amid the pandemic as individuals proceed to do business from home and search updates and fixes to their homes. Many households additionally determined that greater properties, or at the least totally different properties, had been a necessity. That has fueled gross sales at Home Depot.
Home Depot Inc. earned $4.81 billion, or $4.53 per share, within the quarter. That compares with $4.33 billion, or $4.02 per share, a 12 months in the past. This beat the $4.43 per share that Wall Street predicted.
The Atlanta firm did not present a full-year forecast.
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