Home Depot (HD) First Quarter 2022 Revenue

Home Depot in Livermore, California, USA on Thursday, May 12, 2022. The Home Depot will release earnings figures on May 17th. photographer:

David Paul Morris | Bloomberg | Getty Images

Home Depot On Tuesday, the company raised its full-year outlook after reporting strong quarterly earnings, boosted by the company’s record high first-quarter sales. The company’s stock rose 4% in pre-market trading.

Based on an analyst survey by Refinitiv, the Home Depot reported:

  • Profit per share: Expected $ 4.09 vs. $ 3.68
  • Revenue: $ 38.91 billion compared to the expected $ 36.72 billion

Renovation retailers reported first-quarter net income of $ 4.23 billion and $ 4.09 per share, up from $ 4.15 billion and $ 3.86 per share in the year-ago quarter. Analysts surveyed by Refinitiv expected the company to make $ 3.68 per share.

Net sales were up 3.8% to $ 38.91 billion, surpassing expectations of $ 36.72 billion. Same-store sales increased 2.2% in the quarter.

“The strong performance this quarter is even more impressive, as the start of this spring has been delayed compared to last year’s historic growth,” CEO Ted Decker said in a statement.

This is the first quarter in which Decker takes command of the company. A longtime Home Depot veteran, Decker was formerly Chief Operating Officer and took over his best job during difficult times of home renovation.

Inflation continues to rise and consumers may postpone refurbishment projects. Rising interest rates can lead to a slowdown in the housing market and delays in expensive home renovation plans. And in the early days of the pandemic, many consumers painted walls, bought new patio furniture, and took care of other do-it-yourself projects that didn’t have to be repeated for at least a few years.

But Tuesday’s results show that consumers are still willing to spend money on their homes, and the company doesn’t expect this trend to reverse.

In 2022, Home Depot is currently forecasting sales growth of approximately 3% and earnings per share in the mid-single digits. The company previously forecast “slightly positive” sales growth and earnings per share growth in the low single digits.

Read the full report here.

Home Depot (HD) First Quarter 2022 Revenue

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