Home Depot reported a notable recovery in fourth-quarter sales, breaking a two-year slump with revenues rising to $39.7 billion. This growth, aided by an additional week in the quarter, showcased an increase in customer demand amidst challenging mortgage rates and housing scarcity. Analysts had anticipated lower revenue figures, making the 0.8% increase in same-store sales a significant win for the retailer. Despite this positive performance, Home Depot forecasted a slight decline in per-share earnings for the upcoming year, indicating cautious growth amid uncertain economic conditions.
"The fact that US comparable sales are back in the black after declining for eight quarters or two years is a very clear win for Home Depot, and it suggests that the home improvement market as a whole might finally be reaching the nadir of its more sluggish performance," said Neil Saunders, managing director of GlobalData.
"Our fourth quarter results exceeded our expectations as we saw greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects," said Chair and CEO Ted Decker.
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