A shopper leaves a Home Depot in Alexandria, Virginia.
Alex Wong/Getty Images
Shares of Home Depot rose slightly in premarket trading Tuesday after the company reported third-quarter earnings that beat earnings expectations thanks to a continued demand for home improvement amid a strong housing market.
Revenue for the No. 1 home-improvement retailer rose 9.8% to $36.82 billion, well above the FactSet consensus of $34.95 billion. Same-store sales grew 6.1%, beating consensus of 2.4% growth, while U.S. same-store sales rose 5.5% to top expectations of a 2.3% increase.
Net income for the quarter to Oct. 31 increased to $4.13 billion, or $3.92 a share, from $3.43 billion, or $3.18 a share, in the year-ago period.
Analysts surveyed by FactSet expected Home Depot to earn $3.41 a share on revenue of $34.8 billion in the fiscal third quarter. Home Depot earned $4.53 in the previous quarter and $4.02 a share in the year-ago period, according to FactSet.
Read more: It’s a Big Week for Retail. Here’s What to Know.
The stock, trading near the Nov. 12 record close of $372.63, rose 0.3% in premarket trading to $372. It has run up 39.7% year to date through Monday, while the Dow Jones Industrial Average has advanced 17.9%.
Write to Logan Moore at logan.moore@barron’s.com
