Home Depot registers strong sales as home improvement spending surges
Category: #headlines  | By Nikita Chaurasia  | Date: 2021-11-18 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Home Depot registers strong sales as home improvement spending surges

Home improvement retailer Home Depot Inc. has recorded a 4% rise in its quarterly sales, beating analysts’ estimations by around USD 2 billion.  This is driven by the increase in home improvement expenditure ahead of the upcoming holiday season.

Several professional contractors like builders and handymen have been relying on Home Depot stores to get the necessary materials and equipment to complete the home improvement projects as well as repair jobs that were put at a halt due to the pandemic crisis.

Furthermore, a surge in house prices in the U.S. has also led to more people investing in home upgrades. Many millennials are also shifting to suburban areas in the wake of the pandemic outbreak, which in turn has increased the customer base of the company.

Craig Menear, the Chief Executive Officer of Home Depot was quoted saying that, despite fears that demand from do-it-yourself consumers would decrease this year, the company sales have surprisingly managed to remain strong.

There were predictions that customers would instead spend on other areas, which could have considerably affected Home Depot’s growth. Interestingly, that did not quite happen and the demand for home improvement equipment and materials have been escalating at a high pace, Craig added.

Notably, Home Depot’s same-store sales jumped by 6.1% in the third quarter while the overall sales increased by 10% to USD 36.82 billion, surpassing the previously estimated USD 35.01 billion. These same-store sales, in the initial two weeks of the fourth quarter, were claimed to be much higher than that of the third-quarter statistics.

Sources claimed that the company has already received most of the required fourth-quarter products, further easing any concerns regarding holiday supply shortages.

It is also worth mentioning that Home Depot has been making significant investments to tackle global supply chain woes. The home improvement retailer has also reportedly chattered its cargo ships.

Source Credits-

https://money.usnews.com/investing/news/articles/2021-11-16/home-depot-beats-sales-estimates-on-sustained-home-improvement-demand

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

PM Liz Truss to launch comprehensive review of UK’s visa policy

PM Liz Truss to launch comprehensive review of UK’s visa policy

By Nikita Chaurasia

Newly appointed Prime Minister Liz Truss is considering doing a complete review of Britain's visa system, as the nation struggles with severe labor shortages in vital industries. Business leaders across the UK have reportedly praised the decision...

UAE: Entrepreneurs and investors can benefit from visa reforms

UAE: Entrepreneurs and investors can benefit from visa reforms

By Nikita Chaurasia

The visa and business reforms by the UAE will open new prospects for investors, entrepreneurs, IT specialists, job seekers, and tourists, according to credible sources. This will reportedly benefit the region’s economic growth. Business Link...

Flipkart introduces new tech and design upgrades ahead of holiday season

Flipkart introduces new tech and design upgrades ahead of holiday season

By Nikita Chaurasia

Flipkart, India's indigenous online marketplace, is reportedly offering customers an improved shopping experience on its widely popular app. To better serve various client groups that are exploring e-commerce during the holiday season, Flipkar...