For the first quarter of fiscal 2022, The Home Depot reported net earnings of $4.23 billion, or $4.09 per diluted share, versus $4.15 billion, or $3.86 per diluted share, in the year-previous period.
Overall comparable sales in the quarter increased 2.2% year over year as comps for stores in the United States gained 1.7%, the company pointed out. Home Depot posted net sales of $38.91 billion for the period up 3.8% from the year-before period.
In a conference call, Ted Decker, Home Depot CEO and president, said a year past, Home Depot delivered the highest first-quarter sales in the company’s history, benefiting from strong demand for home improvement goods, favorable weather and government stimulus payments. In the first quarter of 2022, he said, Home Depot achieved a new high for first-quarter sales as demand for home improvement goods continued strong despite a slow start to spring in many parts of the U.S.
Jeff Kinnaird, executive vp, merchandising, speaking in the conference call, noted that 11 of Home Depot’s 14 merchandising departments posted positive comps, led by plumbing, building materials, millwork and paint. On the other hand, seasonal departments experienced double-digit negative comps due to the late arrival of spring. Appliances posted slightly negative comp sales, but adjusting for a shift in event timing, appliance comps would have run positive for the quarter, he said. With seasonal categories excluded, Home Depot enjoyed broad strength across the operation and experienced healthy project demand, Kinnaird said. During the first quarter, Home Depot’s comp average ticket gained 11.2% as comp transactions decreased 8.4%.
“Fiscal 2022 is off to a strong start as we delivered the highest first-quarter sales in company history,” said Decker in announcing the financial performance. “The solid performance in the quarter is even more impressive as we were comparing against last year’s historic growth and faced a slower start to spring this year. These results are a direct reflection of our associates’ continued ability to effectively navigate a challenging and dynamic environment.”
At first quarter’s end, the company operated 2,316 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam, as well as in 10 Canadian provinces and Mexico.
