Home Depot Q1 sales climb 32.7 percent
The Home Depot reported sales of $37.5 billion for the first quarter of fiscal 2021, an increase of 32.7 percent from $28.3 billion in 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 quarter were $4.1 billion, or $3.86 per diluted share, compared with $2.2 billion, or $2.08 per diluted share, in the same period of fiscal 2020.
"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. "I am proud of the resilience and strength our associates have continued to demonstrate, and I would like to thank them and our supplier partners for their hard work and dedication to our customers."
In a conference call with investors, Menear said the company continues to effectively manage the "outsized demand" for home improvement products seen throughout most of the last year despite disruptions in global supply chains that were further exasperated by port congestion during the quarter. "We leveraged the scale of our supply chain and partnered with our vendors to maintain our in-stock positions and prioritized key SKUs in high demand categories," he said.
He added that Home Depot continues to see strong level of engagement across digital platforms but that customers are also returning to stores.
"Sales leveraging our digital platforms increased approximately 27 percent versus the first quarter last year and approximately 55 percent of online orders were fulfilled through a store."
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