Home Depot beats quarterly sales estimates on stable demand
May 20 (Reuters) - Home Depot (HD.N), opens new tab beat Wall Street estimates for first-quarter sales on Tuesday as the world's largest home improvement retailer enjoyed resilient demand from professional contractors and small-scale repair works by existing homeowners.
The Atlanta-based retailer has benefited from demand for tools used in do-it-yourself house projects, repair and maintenance ahead of the spring season, even as budget constraints weighed on larger home renovation activities.
Home Depot has also capitalized on demand from its professional customer base, including contractors, by increasing investment in its supply chain after acquiring Texas-based SRS Distribution last year.
The retail chain kept its fiscal year 2025 forecast unchanged, with a total sales growth target of 2.8%. Shares of the company were up about 2% in premarket trading.
"....We saw continued customer engagement across smaller projects and in our spring events," CEO Ted Decker said in a statement.
The company posted net sales of $39.86 billion for the quarter ended May 4, a 9% jump from last year. Analysts on average had expected an 8% rise to $39.31 billion, according to data compiled by LSEG.
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