Home Depot (NYSE: HD) reported positive first-quarter earnings on Tuesday and ultimately raised its full-year outlook. According to the company, despite inflation, customers continue to shop with no sign of decreasing demand.
The home improvement retailer reported earnings of USD4.09 a share, compared to the expected USD3.68 a share. Meanwhile, revenue amounted to USD38.91 Billion, higher than analysts anticipated USD36.72 Billion.
“Fiscal 2022 is off to a strong start as we delivered the highest first-quarter sales in Company history,” said Ted Decker, CEO, and president. “The solid performance in the quarter is even more impressive as we were comparing against last year’s historic growth and faced a slower start to spring this year. These results are a direct reflection of our associates’ continued ability to effectively navigate a challenging and dynamic environment. I would like to thank them and our many partners for their hard work and dedication to our customers.”
Following the strong results, the company raised its fiscal 2022 guidance and now expects sales growth and comparable sales growth of approximately 3%, operating margin of about 15.4%, and net interest expense of approximately USD1.6 Billion.
“We believe that the medium-to-longer term underpinnings of demand for home improvement have never been stronger,” Decker said.