While the retail industry has been facing plenty of road blocks, especially in clothing and department stores, the home improvement industry continues to show strength. The Home Depot’s first quarter 2017 financial results highlight growth and topped analysts’ expectations, according to CNBC.
Today, Home Depot reported sales of $23.9 billion for the first quarter of fiscal 2017, a 4.9 percent increase from the year prior. Comparable store sales for the first quarter of fiscal 2017 were up 5.5 percent and comp sales for U.S. stores were positive 6 percent, according to a press release from the company.
Net earnings for the first quarter of fiscal 2017 were $2 billion compared with net earnings of $1.8 billion in the same period last year.
“We were pleased with our results as they reflected broad-based growth across our interconnected platform and all geographies,” says Craig Menear, chairman, CEO and president of the company. “This was made possible by our hardworking store associates, merchants and supply chain teams and our continued dedication to customer service.”
The rising sales at Home Depot, Lowe’s and other home improvement industry stores are likely due to growing housing market, which proves Americans are “increasingly willing to spend on home-improvement projects,” according to The Wall Street Journal.
On Monday, the National Association of Home Builders released its monthly gauge of builder sentiment, and according to The Wall Street Journal, “its overall index of housing market sentiment is at levels last seen in 2005, with builders reporting that sales and interest among potential buyers are strong.”
Key aspects of Home Depot’s Q1 results presented in this infographic include department trends, with appliances, lumber, flooring, tools, electrical, plumbing, decor and kitchen and bath all pulling in sales above company averages. Additionally, pro-heavy categories in the quarter included lumber, wire, commercial and industrial lighting as well as gypsum. Online sales growth was up 23 percent.
Home Depot is based in Atlanta and at the quarter’s end it operated 2,281 retail stores in the U.S., Canada and Mexico.