Home Depot pulls in strong 3Q sales
Increases sales by 7.4%
Home improvement store Home Depot (HD) released a much strong third-quarter earnings report, with the company’s sales increasing to $19.5 billion, up 7.4% from a year earlier.
The company’s net earnings for the third-quarter reached $1.4 billion, or 95 cents a share, compared to $947 million, or 63 cents a share, for 3Q-2012.
"All three U.S. regions experienced strong growth on the back of continued favorable housing trends, giving us more confidence that 4Q13 comp-store sales could rise 6%. Sales to the professional continued to grow faster than to do-it-yourselfers," said Wayne Hood with BMO Capital Markets Corp.
"Sales trends remained robust in the 3Q-13, but we are more impressed with the company’s strong execution that is leading to quality earnings growth," Hood added.
As a whole, the company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 5.6%.
"Our third quarter results reflect the continuing improvement in the housing market and our solid operational performance," said Frank Blake, chairman & CEO. "I would like to thank our associates for their hard work and dedication."