Earnings

Home Depot beats estimates, retailer says it sees sales growth ahead for 2022

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A shopper leaves a Home Depot with merchandise that she purchased on August 17, 2021 in Alexandria, Virginia.
Alex Wong | Getty Images

Home Depot on Tuesday said sales grew 11% in the fiscal fourth-quarter, as the retailer topped Wall Street’s expectations and said it sees sales growth ahead for 2022.

Here’s what the home improvement retailer reported compared with what Wall Street was expecting for the quarter ended Jan. 31, based on a survey of analysts by Refinitiv:

  • Earnings per share: $3.21 vs. $3.18 expected
  • Revenue: $35.72 billion $34.87 billion expected

Net income for the fiscal fourth quarter grew to $3.35 billion, or $3.21 per share, from  $2.86 billion, or $2.65 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $3.18.

Net sales rose to $35.72 billion, topping expectations of $34.87 billion. 

The company recently announced a change in leadership. Company veteran and Chief Operating Officer Ted Decker will step into the role of CEO, as of March 1. Outgoing CEO Craig Menear will continue to serve as chair of the board.

As of Friday’s close, Home Depot shares are up 24% over the past 12 months and have outperformed the broader market. The S&P 500 is up about 11% over the past year. Shares closed on Friday at $346.87, down less than 1%. The company’s market value is $362.22 billion.

This story is breaking. Please check back for updates.

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