Another record year at Home Depot

The Home Depot (HD), based in Atlanta, reported record year sales. “Fiscal 2021 was another record year for The Home Depot. We achieved a milestone of over $150 billion in sales,” said Craig Menear, chairman and CEO.

The company reported that sales for fiscal 2021 were $151.2 billion, an increase of $19.0 billion, or 14.4%, from fiscal 2020.

Net earnings for fiscal 2021 were $16.4 billion, or $15.53 per diluted share, compared with net earnings of $12.9 billion, or $11.94 per diluted share in fiscal 2020.

For Q4, Home Depot reported sales for the fourth quarter of fiscal 2021 were $35.7 billion, an increase of $3.5 billion, or 10.7% from the fourth quarter of fiscal 2020.

Net earnings for the fourth quarter of fiscal 2021 were $3.4 billion, or $3.21 per diluted share, compared with net earnings of $2.9 billion, or $2.65 per diluted share, in the same period of fiscal 2020.

The Bottom Line: Home Depot sales for the year moved ahead more than 14% company-wide for 2021 to just over $151 billion.

What the CEO said: “Our ability to grow the business by over $40 billion in the last two years is a testament to investments we have made in the business, our ability to execute with agility, and our associates’ relentless focus on our customers,” said Menear.

Also, the CEO noted in a conference call this morning, this is his last earnings call as he steps down from the company at month’s end. Menear will be succeeded by Ted Decker, who takes over March 1.

At the end of fiscal 2021, the company reported it operated a total of 2,317 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico, and employs approximately 500,000 associates.

Company info: Click HERE to read the Q4 and full year 2021 financial report from Home Depot.