Sun, 28 Nov 2021

Home Depot sees sales reach $36 billion in Q3

Robert Besser
22 Nov 2021, 06:27 GMT+10

ATLANTA, Georgia: Home Depot announced Q3 earnings on November 16 that have surpassed analyst projections.

An almost ten-percent rise in Home Depot sales was recorded, as compared to 2020, to reach $36.8 billion, which also exceeded Wall Street's expectations.

Craig Menear, Home Depot's chief executive officer, attributes the robust figures in the financial statement to "elevated home improvement demand that has persisted."

The retailer pointed to a 6.1-percent surge in comparable-store sales worldwide, and a 5.5-percent hike registered in the U.S., thereby pointing to a global spike of 4.5 percent in Q2 and a 3.4-percent climb domestically.

The company's stock rose six percent during late-morning trade, as the information came to light. Home Depot shares have climbed almost fifty percent, to date, and hit an all-time high.

Home Depot's largest competitor, Lowe's, also saw its stock climb four percent on November 17, an increase of over fifty percent in 2021.

Personal consumption expenditures have positively contributed to the economy, in spite of persistent fears over the coronavirus disease, inflationary factors, and the supply chain chaos that had led to shipments being extensively delayed.

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