Home Depot recorded a strong fourth quarter in 2016, thanks to homeowners continuing to value spending money on their properties, according to an article in Bloomberg by Matthew Townsend.
The home improvement store’s profits increased to $1.44 a share last quarter, as revenue climbed 5.8% to $22.2 billion in the fourth quarter, beating analysts’ estimates, the article stated.
From the article:
The largest home-improvement retailer is benefiting from a yearslong rebound in housing prices that has made homeowners more willing to spend on their properties because they see them as a sound investment. That’s helped Home Depot avoid the malaise that has spread across much of retail, where lackluster demand has weighed on results.
“Home Depot fourth-quarter results and guidance reconfirmed consistent demand and the structural strength of their business model,” David Schick, director of research and lead retail analyst for Consumer Edge Research, said in an e-mail.