AP – Home Depot reported a better-than-expected fourth quarter with strong comparable-store sales. The home improvement retailer also boosted its quarterly dividend by 10 per cent.
Shares rose two per cent in premarket trading yesterday.
For the three months ended February 2, Home Depot Inc earned USD2.48 billion, or USD2.28 per share. That’s better than the per-share earnings of USD2.11 projected by industry analysts, according to a survey by Zacks Investment Research. A year earlier the Atlanta company earned USD2.34 billion, or USD2.09 per share. Revenue declined to USD25.78 billion, from USD26.49 billion, but that still topped Wall Street’s forecast of USD25.75 billion. Sales at stores open at least a year rose 5.2 per cent, which was also better than analysts had expected. Those sales climbed 5.3 per cent in the United States (US).
Home Depot anticipates earnings this year of about USD10.45 per share, far better than analysts projections of USD10.08. It expects revenue growth of approximately 3.5 per cent to four per cent.