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Home Depot (HD) Q2 2022 earnings

A buyer sporting a protecting masks masses lumber at a Home Depot retailer in Pleasanton, California, Feb. 22, 2021.

David Paul Morris | Bloomberg | Getty Images

Home Depot on Tuesday reported quarterly earnings and income that beat analysts’ expectations because the company cited continued energy in demand for house enchancment tasks.

“Our team has done a fantastic job serving our customers, while continuing to navigate a challenging and dynamic environment,” Home Depot CEO and President Ted Decker mentioned in a press release.

Here’s what the house enchancment retailer reported in contrast with what Wall Street was anticipating, based mostly on a survey of analysts by Refinitiv:

  • Earnings per share: $5.05, adjusted, vs. $4.94 anticipated
  • Revenue: $43.79 billion vs. $43.36 billion anticipated

Same retailer gross sales rose 5.8%, in contrast with development of 4.9% analysts anticipated, in accordance with FactSet.

The Atlanta-based company mentioned whole buyer transactions slipped to 467.4 million from 481.7 million within the year-ago interval, whereas common ticket grew 9% to $90.02 from $82.48. This may point out gross sales pushed by skilled contractors, who are inclined to make fewer visits and buy in greater portions.

Sales per retail sq. foot grew 5.7% in comparison with the identical quarter final year.

For the three-month interval ended July 31, Home Depot mentioned web earnings rose to $5.17 billion, up 7.6% from the prior year. Net gross sales grew 6.5% from a year in the past, which Home Depot mentioned marked its highest-ever quarterly gross sales.

Home Depot mentioned it nonetheless expects whole gross sales for 2022 to develop about 3% from a year in the past.

Shares of the company have been down about 1% in pre-market buying and selling.

This story is creating. Please examine again for updates.

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