The company's viral 12-foot skeleton returned this year after selling out the previous year. Executives said they saw record sales as customers snapped up exclusive products. The quarter's sales also got a boost from Halloween. After early success, the retailer plans to implement the strategy in 400 locations next year.
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In some stores, Home Depot has been testing how to optimize space without sacrificing the shopping experience. Sales per square foot increased by 6.2% in quarter. Even as costs rise, Home Depot said customers are trading up for new products, citing its exclusive Behr Dynasty paint, which costs more than $50 a gallon. Higher prices for copper and building materials helped increase how much customers spent per visit, although lumber prices fell. But consumers were spending more when they did visit, raising the average ticket by 12.9% to $82.38. This quarter, Home Depot's customer transactions fell by 5.5% to 428.2 million. The retailer also recently relaunched its loyalty program for professionals, drawing more traffic to its mobile app in the hopes of convincing them to shop at Home Depot for all of their jobs. Home Depot executives told analysts that professionals are still working through backlogs of projects as consumers feel comfortable having electricians, plumbers and contractors in their homes again.
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Home Depot holds a larger share of the professional market, although Lowe's is trying to win more of that business. Demand for materials has been rising from home professionals, helping to offset lower demand from do-it-yourself projects. Consumers have been investing more as home prices climb, increasing nearly 20% compared with a year ago. Indoor garden same-store sales were roughly flat.Ī strong housing market has helped Home Depot and rival Lowe's. Facing comparison to same-store sales growth of more than 50%, lumber fell negative this quarter. But its lumber and indoor garden departments fell short compared with a year ago.
On a two-year basis, all of Home Depot's departments saw same-store sales growth. Same-store sales of items that cost more than $1,000 surged 18% in the third quarter. The retailer faced tough comparisons with a year ago, when its same-store sales were soaring, thanks to consumers taking on more do-it-yourself projects.
Home Depot's same-store sales climbed 6.1%, beating StreetAccount estimates of 2.2%. Executives said sales accelerated in October compared with August and September. Digital sales increased by 8% in the quarter. Net sales rose 9.8% to $36.82 billion, topping expectations of $35.01 billion. Analysts surveyed by Refinitiv were expecting earnings per share of $3.40. 31 rose to $4.13 billion, or $3.92 per share, from $3.43 billion, or $3.18 per share, a year earlier. Net income for the fiscal third quarter ended Oct. Here's what the home improvement retailer reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: The company's shares rose more than 4% in morning trading, setting an all-time high for the stock of $387.76 per share. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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