(Reuters) – Home Depot Inc blew past quarterly same-store sales estimates on Tuesday, as demand remained strong for the top U.S. home improvement retailer’s products even as vaccinations opened up more traditional avenues for customers to spend their money.
The company’s blue-chip stock, which has gained over 20% this year, rose 2% in pre-market trading.
The last 12 months have been a blockbuster period for Home Depot as revenue and profit surged from stuck-at-home Americans investing more to upgrade their living spaces. The company also benefited from a years-long focus on e-commerce, particularly in services such as “click and collect” service.
Same-store sales rose 31% in the first quarter ended May 2, beating analysts’ estimates for a 19.9% increase, according to IBES data from Refinitiv.
Net earnings rose to $4.15 billion, or $3.86 per share, from $2.25 billion, or $2.08 per share, a year earlier.
(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)
