Textual content dimension
reported second-quarter earnings $5.05 a share, topping analysts’ estimates, and reaffirmed its 2022 steerage.
(ticker: HD) fell 1.5% in premarket buying and selling to $310. Coming into Tuesday, the inventory has fallen 24.2% this 12 months.
Gross sales within the quarter have been $43.8 billion, up 6.5% from a 12 months earlier.
Analysts surveyed by FactSet had anticipated the most important home-improvement retailer to report quarterly earnings of $4.95 a share on gross sales of $43.4 billion.
A 12 months earlier, Dwelling Depot earned $4.53 a share on gross sales of $41.1 billion.
Similar-store gross sales rose 5.8%, forward of estimates of 4.9%. U.S. same-store gross sales jumped 5.4% regardless of a slowdown within the housing market.
“Within the second quarter, we delivered the very best quarterly gross sales and earnings in our firm’s historical past,” stated Ted Decker, chief government and president, in a press launch. “Our efficiency displays continued power in demand for home-improvement tasks.”
Dwelling Depot on Tuesday reaffirmed it expects whole gross sales progress and comparable-sales progress of about 3% for the fiscal 12 months. It expects per-share earnings progress within the mid-single digits.
Citi analyst Steven Zaccone final week retained his Purchase ranking and $348 worth goal on Dwelling Depot, saying that whereas it faces the identical points as rival
(LOW) — increased inflation and a decline in house costs, amongst different issues — he believes Dwelling Depot can supply better-than-expected earnings and comparable gross sales, saying its skilled enterprise is “driving the near-term power.”
Write to Joe Woelfel at email@example.com