Home Depot Crushes 1Q Due to ‘Unprecedented Demand’

Home Depot’s first-quarter revenues increased 32.7% from the same quarter a year ago.
Home Depot Names new CEO

The Home Depot (NYSE: HD), Atlanta, Georgia, reported revenues of $37.5 billion for the first quarter of fiscal 2021, an increase of $9.2 billion, or 32.7% from the first quarter of fiscal 2020. In Tuesday’s earnings, comparable sales for the first quarter of fiscal 2021 increased 31% while comparable sales in the U.S. increased 29.9%

The COVID-19 pandemic spurred a large uptick in do-it-yourself home construction projects last year and into this year as well as a booming housing market, all of which benefitted Home Depot’s bottom line.

Net earnings for the first quarter of fiscal 2021 were $4.1 billion, or $3.86 per diluted share, compared with net earnings of $2.2 billion, or $2.08 per diluted share, in the same quarter of fiscal 2020. For the first quarter of fiscal 2021, diluted earnings per share increased 85.6% over the same period in the prior year.

“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,” said Home Deport CEO and Chairman Craig Menear. “I am proud of the resilience and strength our associates have continued to demonstrate, and I would like to thank them and our supplier partners for their hard work and dedication to our customers.”

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