Home Depot just showed Wall Street how it can buck the latest negative trends in retail, reporting Tuesday that more shoppers visited its stores during the first quarter than what was anticipated.
The retailer’s earnings and revenue for the period topped analysts’ expectations, and Home Depot also raised its fiscal 2017 profit outlook.
Shares of the stock traded up near 2 percent in premarket hours following the report.
Here’s what the company reported vs. what the Street was expecting:
- Earnings per share: $1.67 vs. forecast of $1.62, according to Thomson Reuters consensus estimates.
- Revenue: $23.89 billion vs. estimate of $23.74 billion, Thomson Reuters said.
- Same-store sales: 5.5 percent growth globally vs. forecast of 4 percent growth, according to FactSet estimates.
Home Depot said U.S. comparable sales — a metric monitored closely by the Street for retail stocks — climbed a whopping 6 percent during the first quarter, blowing past a 4.3 percent estimate compiled by analysts who cover the company.
The home improvement company’s positive results across the board imply that the post-recession housing recovery still has room for growth.
“We were pleased with our results as they reflected broad-based growth across our interconnected platform and all geographies,” Craig Menear, Home Depot CEO, wrote in a statement.
Home Depot’s net income climbed to $2.01 billion, or $1.67 per share, in…