Home Depot said Tuesday (Nov. 15) that earnings for the third quarter that ended in September grew 14 percent, with per share results at $1.60, outpacing analysts who had modeled $1.58.
Earnings growth outpaced top-line gains, where revenues jumped 6 percent year over year to $23 billion. Comp store sales at stores open at least a year in the United States were up 5.9 percent, with management calling out increased transaction sizes and number of transactions. Transactions involving professional customers, said the firm, outpaced those that went to “do-it-yourself” buyers. Breaking transactions into channels, the online channel saw sales grow by 17 percent, comprising 5.6 percent of the top line. Over 40 percent of online orders are picked up in store.
Forward guidance came in at the same levels that had been seen in previous projections, with sales to grow by 4.9 percent for the year. The earnings per share is projected to come in at $6.33, the company said.