While many parts of the pandemic economy have ground to a halt, the housing market and home repair market continues to soar and Atlanta-based Home Depot remains right in the middle of it, driving strong sales through another quarter.
In the final quarter of the fiscal year, Home Depot said sales surged 25 percent allowing the company to boost the quarterly dividend by 10 percent to $1.65 per share. Overall, revenue rose from $25.78 billion to $32.26 billion, easily topping Wall Street's expectation of $30.66 billion. Global and U.S. sales grew by at least 24.5 percent in the lasts quarter.
Home Depot earned $2.86 billion for the three months that ended January 31 compared to $2.48 billion a year earlier. Still, Home Depot held off on providing guidance for 2021, like many other companies, due to the ongoing COVID-19 pandemic.