Home Depot Beats On Q2 Aided By Home Improvement Project Demand; Reaffirms FY22 Guidance

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  • Home improvement retailer Home Depot Inc HD reported second-quarter FY22 sales growth of 6.5% year-on-year to $43.79 billion, beating the consensus of $43.40 billion.
  • Customer transactions for the quarter fell 3%. Comparable sales increased 5.8%, and comparable sales in the U.S. rose 5.4%.
  • Gross profit rose 6% Y/Y to $14.4 billion. The operating margin was 16.5%, and operating income for the quarter rose 8.6% to $7.2 billion.
  • The operating expenses increased 3.5% Y/Y to $7.3 billion.
  • EPS of $5.05 beat the analyst consensus of $4.95.
  • The average ticket in Q2 was $90.02, an 9.1% growth, and sales per square foot climbed 5.7% to $700.62.
  • The company held $1.3 billion in cash and equivalents as of July 31, 2022. Net cash provided by operating activities for the six months totaled $7.2 billion.
  • CEO Ted Decker said, "Our performance reflects continued strength in demand for home improvement projects."
  • Outlook: Home Depot reaffirmed FY22 sales growth and comparable sales growth guidance of approximately 3.0%.
  • HD forecasts EPS-percent-growth to be mid-single digits.
  • The company expects an FY22 operating margin of 15.4%.
  • Price Action: HD shares traded lower by 2.53% at $306.65 in premarket on the last check Tuesday.
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Posted In: EarningsNewsGuidanceMoversTrading IdeasGeneralBriefs
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