The Home Depot’s sales and and net earnings rose in the last quarter of 2017, as well as during the full fiscal year.
The company released its financial results Feb. 20, reporting $23.9 billion in sales for 2017’s fourth quarter, a 7.5 percent increase from fourth-quarter 2016. Sales for all of 2017 were $100.9 billion, increasing 6.7 percent above 2016, according to the company.
Net earnings for the fourth quarter of 2017 were $1.8 billion, for a 2 percent increase from the same period in 2016. Net earnings for the year were $8.6 billion, up 8.5 percent from 2016.
Tax changes due to the Tax Cuts and Jobs Act of 2017 produced net tax expenses of about $150 million for the company, decreasing the company’s net earnings, according to Home Depot. However, the company’s financial performance was still excellent, according to Craig Menear, chairman, CEO and president.
“Our ongoing commitment to enhance the interconnected retail experience for our customers, provide localized and innovative product, and deliver best in class productivity resulted in record sales and net earnings for 2017,” Menear says.
Comparable store sales were also up for Home Depot. U.S. store sales increased 7.2 percent in the fourth quarter and 6.9 percent for the year.