Home Depot – in a Report Surprising Some Analysts – Sees Strong Third Quarter Sales

Building on hurricane-related repairs and late summer construction projects nationally, the home improvement retail company Home Depot is reporting an increase of more than 6% in the third quarter over the same period in 2023.

Overall sales for the quarter were more than $40.2 billion, while operating income came in at $5.4 billion.

“While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations,” Ted Decker, chairman of the Atlanta-based company, remarked in an earnings statement.

“As weather normalized, we saw better engagement across seasonal goods and certain outdoor projects, as well as incremental sales related to hurricane demand,” continued Decker.

Launched in 1978, Home Depot currently has more than 2,300 locations nationally, and has seen in revenue increases almost every year, except for 2010 during the depths of the Great Recession.

During the first year of the Covid 19 outbreak, the company experienced an unprecedented 24% increase in sales.

Current Home Depot sales, reports the publication Investor’s Business Daily, have been somewhat limited owing to would-be home buyers who are “delaying purchases as they wait for mortgage rates and borrowing costs to go lower.”

In March the company revealed that it was purchasing for $18 million the McKinney, Texas-based SRS Distribution, which specializes in roofing supplies, thus expanding its product offerings.

Meanwhile, the company’s store count, which stood at 2,000 in early 2021, continues to grow. The company announced earlier this year plans to build four new distribution centers in Detroit, Los Angeles, San Antonio, and Toronto.

November 14, 2024

By Garry Boulard

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