Home Depot posts quarterly profit and revenue beats despite slowdown in same-store sales
By Iain Gilbert
Date: Thursday 21 Oct 2021
(Sharecast News) - US retailer Home Depot posted quarterly profit and revenue beats on Tuesday but also stated that fewer customers had visited its brick and mortar locations during the period than they had a year earlier amid a decline in lockdown-fuelled DIY activity.
Home Depot reported earnings per share of $4.53, ahead of the $4.44 expected by analysts, while revenues of $41.12bn also surpassed estimates for a print of $40.79bn.
Same-store sales were up 3.4% in the quarter, significantly lower than the 25% jump seen in the same quarter a year ago.
On an annualised basis, same-store sales rose 4.5% year-on-year, short of the 5% expected by analysts on the Street, while customer transactions fell 5.8% year-on-year. However, this was somewhat offset by an 11.3% increase in average ticket prices.
The home improvement retailer also failed to issue any full-year guidance alongside its quarterly results, stating the Covid-19 delta variant had brought about an amount of uncertainty into both the business and the wider economy.
As of 1320 BST, Home Depot shares were down 4.19% in pre-market trading at $321.0 each.
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