(Home Depot) Shares of Home Depot rose more than 4% in premarket on Tuesday after projecting higher comparable sales in FY22 as demand for home improvement continues.
Home Depot said that its sales and comparable sales growth will be around 3.0% in FY22, higher than estimates of a 1.4% increase. Home Depot projects an operating margin of 15.4% in the year, and diluted EPS growth in the mid-single digits.
The raised guidance happens when Home Depot posted sales of $38.9 billion in the first quarter of 2022, up 3.8% or $1.4 billion from the prior year. Comparable sales in the quarter rose by 2.2%, with a gain of 1.7% in the US.
The home improvement retailer reported net earnings of $4.2 billion or $4.09 per diluted share in the first quarter, compared to earnings of $4.1 billion or $3.86 per share in the prior year.
HD: NYSE is up +4.04% in premarket.
