Home Depot quarterly same-store sales beat estimates

November 17, 2015 | By | Reply More

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REUTERS: Home Depot Inc , the world’s No. 1 home improvement retailer by revenue, reported better-than-expected quarterly same-store sales, helped by strong demand from both retail customers and professional contractors and builders.

Consumers spent more on houses, home improvement products, appliances and autos than on discretionary items such as apparel in the August-October quarter, analysts said.

Smaller rival Lowe’s Cos Inc , which will report on Wednesday, is also expected to have benefited from strong spending on housing.

Home Depot said it now expected earnings of US$5.36 per share and same-store sales growth of 4.9 percent in the year ending January, at the higher end of its previous forecast ranges.

Same-store sales rose 5.1 percent in the third quarter ended Nov. 1, above the 4.6 percent growth expected by analysts polled by research firm Consensus Metrix.

The company’s net income rose to US$1.73 billion, or US$1.35 per share, in the quarter, from US$1.54 billion, or US$1.15 per share, a year earlier.

Net sales rose 6.4 percent to US$21.82 billion.

Analysts on an average had expected earnings of US$1.32 per share on revenue of US$21.83 billion, according to Thomson Reuters I/B/E/S.

The company’s shares rose 2.4 percent in premarket trading on Tuesday.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D’Souza)

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