Home Depot announces third quarter results! Both revenue and profit exceed expectations!

It is learned that on November 15, the US home furnishing e-commerce giant The Home Depot announced its financial results for the third quarter of 2022. As Americans' demand for home improvement continued to be strong, the company's revenue and profits exceeded expectations this quarter.

According to the financial report, Home Depot's net sales in the third quarter were US$38.872 billion, a year-on-year increase of 5.6%, higher than the market expectation of US$37.95 billion; net profit was US$4.339 billion, a year-on-year increase of 5.1%, higher than US$4.129 billion in the same period last year; diluted earnings per share were US$4.24, higher than the market expectation of US$4.12.

In the third quarter, Home Depot's gross profit reached $13.224 billion, up 5.3% year-on-year from $12.563 billion in the same period last year. Same-store sales increased by 4.3%, including a 4.5% increase in the United States.

Home Depot said that while its customer transactions fell slightly in the third quarter, by 4.3%, the average transaction value rose by 8.8% to $89.67, and sales per retail square foot also rose (up 5.3% year-over-year) to $618.50.

The company also reiterated its 2022 performance guidance, expecting same-store sales growth of approximately 3.0%, operating profit margin of approximately 15.4%, net interest expense of approximately $1.6 billion, and diluted earnings per share to increase by mid-single digits.

"We cannot predict how the macroeconomic backdrop will impact customer spending behavior in the future," said Home Depot CEO Ted Decker. "However, we believe demand for home improvement will continue to be strong as people continue to stay at home more than ever before."

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.