Professional contractors have been rushing back
to Home Depot's stores as they look to upgrade their toolkits
and source building materials to complete a backlog of home
improvement and repair jobs that were put on hold during the
health crisis.
Rising home prices in the United States has also given people
confidence to invest in upgrade jobs for their homes, while more
millenials moving to suburban areas during the pandemic has
expanded the core customer base of retailers like Home Depot.
Same-store sales rose 6.1% in the third quarter ended Oct. 31,
beating analysts' estimates of a 1.4% increase, according to
IBES data from Refinitiv.
Home Depot said the average price paid per transaction rose
nearly 13% in the quarter, boosted by more big-ticket purchases
from builders. However, total transactions fell 5.5% as fewer
do-it-yourself customers made purchases compared to last year
when the pandemic sparked a surge in amateur home improvement
projects.
Overall net sales rose nearly 10% to $36.82 billion, beating
estimates of $35.01 billion. The company's net earnings rose
20.3% to $4.13 billion, or $3.92 on a per share basis.
(Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
![](column_spacer.png)
|
|