Home Depot continues to ride demand surge
Atlanta-based The Home Depot reported sales of $37.5 billion for the first quarter of fiscal 2021, an increase of $9.2 billion, or 32.7 percent from the first quarter of fiscal 2020. Comparable sales for the first quarter of fiscal 2021 increased 31.0 percent, and comparable sales in the U.S. increased 29.9 percent.
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 period of fiscal 2020. For the first quarter of fiscal 2021, diluted earnings per share increased 85.6 percent from 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 Craig Menear, chairman and CEO.
The three months ended May 2 marked the fourth consecutive quarter of comps in the unprecedented 24% to 30% range for the world's largest home improvement retailer
At the end of the first quarter, the Company operated a total of 2,298 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.