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The Home Depot’s Comp Sales Surge Amid Rise In Home Improvement Projects

The Home Depot reported that comparable sales for the first quarter of fiscal 2021 surged by 31 percent and comparable sales in the U.S. jumped by 29.9 percent from the same period last fiscal year, according to a Tuesday (May 18) announcement.

“Fiscal 2021 is off to a strong start as we continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects,” Chairman and CEO Craig Menear said in the announcement.

The home improvement retailer posted $37.5 billion in sales for the quarter, marking a 32.7 percent rise from the same quarter last year. It reported $4.1 billion in net earnings for the quarter, or $3.86 for each diluted share, up from net earnings of $2.2 billion, or $2.08 per diluted share last year.

Home Depot ran nearly 2,300 retail stores in every state, Puerto Rico, the District of Columbia, Guam, the U.S. Virgin Islands, Mexico and 10 Canadian provinces. About half a million associates work for the company. The news comes as The Home Depot has brought three new distribution centers to Florida, which are stationed in Fort Myers, West Palm Beach and Miami.

“Our customers have varying needs – from DIYers renovating their homes to professional contractors on job sites,” Kyle Dennis, vice president of supply chain development, said in an April announcement. “These investments are helping us deliver to our Pro and DIY customers across South Florida when, where and how they want.”

In February, The Home Depot said that fourth-quarter revenue surged by 25.1 percent, topping off a record-breaking year of earnings and sales, and that comparable sales increased by 24.5 percent. “The team demonstrated ongoing flexibility to operate effectively in a very challenging environment and deliver record-breaking sales and earnings,” Menear said at the time.

As for its overall fourth-quarter results, Home Depot posted diluted earnings per share of $2.65 on sales of $32.3 billion, which came out ahead of analyst estimates of $2.62 in earnings per share on revenues of $30.73 billion.

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