By Matt Grossman
Home Depot Inc. Tuesday logged strong sales growth in the latest quarter, capping a year in which the Covid-19 pandemic led consumers to spend more on home improvement.
The Atlanta-based home-improvement retailer recorded fourth-quarter earnings of $2.65 a share, compared with $2.28 a share in the same quarter a year earlier. Its net earnings were $2.86 billion, up from $2.48 billion in 2019's fourth quarter.
Analysts surveyed by FactSet were expecting a profit of $2.61 a share.
Home Depot's revenue rose 25% to $32.26 billion. Analysts had forecast revenue of $30.63 billion.
The company declined to offer formal guidance for 2021, citing uncertainty caused by the coronavirus pandemic.
"If the demand environment during the back half of fiscal 2020 were to persist through fiscal 2021, it would imply flat to slightly positive comparable sales growth and operating margin of at least 14%," Chief Financial Officer Richard McPhail said.
The company increased its quarterly dividend by 10%, to $1.65 a share, or an annual dividend of $6.60.
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(END) Dow Jones Newswires