More big numbers from Home Depot

Pointing to a strong demand in the home improvement market, The Home Depot posted another quarter of solid sales and earnings gains.

The world’s largest home improvement retailer reported sales of $26.3 billion for the third quarter of fiscal 2018, a 5.1% increase from the third quarter of fiscal 2017.

Comp-store sales for the third quarter of fiscal 2018 were up 4.8%, and comp sales in the U.S. were up 5.4% for the Atlanta-based giant.

Net earnings for the third quarter of fiscal 2018 were $2.9 billion, compared with net earnings of $2.2 billion in the same period of fiscal 2017. Diluted earnings per share increased 36.4 percent from the same period in the prior year.

"We are pleased with our third quarter results and the growth that we saw from both our professional and do-it-yourself customers,” said President and CEO Craig Menear. “Our customers continue to respond to our expansive assortment and enhancements we are making to drive an interconnected shopping experience.

Menear added: “We saw continued strength across the store, as well as healthy growth in our digital business. We believe this is a testament to the overall strength of demand in the home improvement market."

At the end of the quarter, Home Depot operated 2,286 stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. 

Other data from the company’s third-quarter earnings report:
• Customer transactions: 394.8 million, up 1.4% from 17Q3;
• Average ticket: $65.11, up 3.6% from 17Q3; and
• Sales per square foot: $433.99, up 5.2% from 17Q3.

For the year, which will have 53 weeks of sales, Home Depot raised its expectations for sales growth to about 7.2%. It was 7.0% previously. It also expects comp sales of about 5.5% for the comparable 52-week period.