Shares of Home Depot got a big boost Tuesday, as “incredibly resilient” customers helped the home improvement retail giant report record earnings that beat expectations. $HD is on track for the highest close since March 18:
Shares of Home Depot Inc. got a big boost Tuesday, as “incredibly resilient” customers helped the home improvement retail giant report record earnings that beat expectations.
The company reported net income for the quarter to July 31 that rose to $5.17 billion, or $5.05 a share, from $4.81 billion, or $4.53 a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of $4.95.Overall same-store sales increased 5.8%, topping the FactSet consensus of 4.9% growth, while U.S. same-store sales rose 5.4% to top expectations of a 4.8% rise.
Meanwhile, cost of sales increased 6.8% to $29.31 billion, as gross margin contracted 15 basis points to 33.1%.
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