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Home Depot beats sales estimates on sustained home improvement demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Home Depot logo is visible in Encinitas (California), April 4, 2016. REUTERS/Mike Blake

(Reuters) – Home Depot Inc (NYSE 🙂 beat the quarterly comparable-store sales estimates Tuesday due to the sustained demand for materials and tools from contractors and handymen who are working on housing projects.

Contractors have returned to Home Depot in a rush to update their toolkits, source materials and complete the backlog of repairs and improvements that had been put off by the recent health crisis.

In the United States, rising home prices have given homeowners confidence to make investments in upgrading their homes. During the Pandemic, more people moved into suburban areas to seek out better jobs. Home Depot has seen an increase in its core customers.

According to IBES data by Refinitiv, sales in same-stores rose 6.1% during the third quarter ending Oct. 31. This beat analysts’ expectations of an increase of 1.4%.

Net sales increased nearly 10% to $36.8 Billion, surpassing estimates of $35.01 Billion.

Premarket trading saw Home Depot shares rise by about 1%

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