Home Depot (NYSE: HD) reported positive fourth-quarter earnings on Tuesday, with sales surging 11% throughout the period. Additionally, it expects earnings per share growth to be in the low single digits and sales growth to be “slightly positive” within the coming fiscal year. Shares fell 5% Tuesday morning, as the market continues to suffer amid Russia-Ukraine tensions.
The home improvement retailer reported earnings of USD3.21 per share, compared to the expected USD3.18 a share. Revenue amounted to USD35.72 Billion, higher than analysts anticipated USD34.87 Billion. Furthermore, net income for the fiscal fourth quarter rose to USD3.35 Billion, a jump from the previous year’s USD2.86 Billion.
Moreover, fiscal 2021 sales were USD151.2 Billion, a 14.4% increase from the fiscal 2020 results. Meanwhile, comparable sales for fiscal 2021 rose 11.4%, and comparable sales in the U.S. were up 10.7%.
“Fiscal 2021 was another record year for The Home Depot. We achieved a milestone of over $150 billion in sales,” said Craig Menear, chairman, and CEO. “Our ability to grow the business by over $40 billion in the last two years is a testament to investments we have made in the business, our ability to execute with agility, and our associates’ relentless focus on our customers. I would like to thank all of our associates, as well as our supplier partners, for their hard work and dedication to serving our customers, communities, and each other.”
As of Friday’s close, Home Depot shares have risen 24% throughout the last year and have a current market value of USD364.87.