The American chain of DIY stores Home Depot announced Tuesday quarterly results in line with Wall Street expectations and said it was reassured by the strength of demand for household items.
The group achieved a turnover of 43.4 billion dollars (41.2 billion francs) in the second quarter of the 2022 financial year, up 6.5% over one year.
Its same-store sales, a benchmark in the trade, increased by 5.8% worldwide and 5.4% in the United States.
Home Depot’s net profit was $5.2 billion (+7.6%). Reported per share, it is 5.05 dollars, a little above market forecasts.
These results were partly explained by increased in-store spending. The average customer bill from May to July was $90.02, up 9.1% from a year ago.
‘While inflation does not explain all of the increases, it has contributed to Home Depot’s figures’, notes Neil Saunders of GlobalData.
“It’s been easier for Home Depot than for other retailers to charge price increases simply because the chain sells many items that people need for their renovation or repair projects,” adds the analyst.
‘A large proportion of these products are essential and will be purchased regardless of price,’ says Saunders.
The Home Depot maintained its guidance for the full fiscal year 2022, where the company expects sales to rise 3%, an operating margin of about 15.4% and a tax rate close to 25%.
Its title fell by 0.42% in electronic trading before the opening of Wall Street.
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