Market Updates
Home Depot Lifts Annual Outlook, Transaction Size Jumps 11%
Scott Peters
17 May, 2022
New York City
Home Depot Inc said first quarter sales increased 3.8% to $38.9 billion and net income rose 2.1% to $4.2 billion from a year ago.
Diluted earnings per share increased 6.2% to $4.11 from $3.87 a year ago.
Customer transactions in the quarter declined 8.2% to 410.7 million and average transaction size increased 11.4% to $91.72. Sales per retail square foot increased 2.7% to $621.99.
Comparable sales in the first quarter increased 2.1% and at the U.S. locations rose 1.7%.
Guidance and Outlook
The company revised annual sales and comparable sales growth to 3% from the previous estimate of "slightly positive," operating margin of 15.4% compared to flat in the previous guidance of 13.8%, net interest expense of $1.6 billion from $1.5 billion in the previous estimate, and tax rate of 24.6% matching the previous outlook.
Diluted earnings per share are expected to increase in mid-single digits from the previous estimate of an increase in low-single digits.
Company and Stock
At the end of the first quarter, Home Depot operated a total of 2,316 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.
Home Depot employs approximately 500,000 associates.
Home Depot stock increased 0.5% to $297.36 and for the year so far the stock has declined 27.21%.
The company has paid a dividend for the 140th quarter in a row and increased the dividend 15% at the end of the December quarter to $1.90 a share equating to $7.90 for the full-year.
Annual Returns
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Earnings
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