By Dhirendra Tripathi
Investing.com – The Home Depot (NYSE:HD) shares were up more than 2% in Tuesday’s market on upbeat earnings that were driven by consumer spending coming out of a year hit by the pandemic.
Home Depot’s business benefitted from being termed ‘essential’ as people took time at home to improve their surroundings and feel better.
The home improvement retailer reported sales of $37.5 billion for the first quarter, 33% higher from the same period a year ago. Comparable sales, as well as comparable sales in the U.S., rose 30%-31%.
The retailer reported diluted net earnings of $3.86 per share, up nearly 86% from $2.08 a year earlier. A survey of analysts by Refinitiv expected this to come at $3.08.
The company didn’t release an outlook for the ongoing financial year.