Home Depot (NYSE: HD) said its same-store sales blew past Wall Street estimates, boosted by repairs after devastating hurricanes and wildfires.
The company also said revenue from Hurricanes Harvey and Irma added roughly $282 million to the sales total for the third quarter.
The home improvement retailer said customer transactions increased, and shoppers on average have been spending more across its stores.
The Atlanta-based retailer also raised its full-year sales and earnings outlook, based on its projected "hurricane recovery" sales
Moreover, same-store sales climbed 7.9% compared with an increase of 5.8%.
Said CEO Craig Menear, "Though this quarter was marked by an unprecedented number of natural disasters, including multiple hurricanes, wildfires in the West, and earthquakes in Mexico, the underlying health of our core business remains solid.”
Net income climbed to $2.17 billion, or $1.84 a share, in the fiscal third quarter, compared with $1.97 billion, or $1.60 per share, a year ago, compared with a forecast of $1.82 per share. Revenue was $25.03 billion, versus an estimate of $24.55 billion.
Shoppers' average ticket was 5% higher, and customer transactions increased by 2.5%.
Total same-store sales climbed an impressive 7.9% during the latest period, the figure compares with an increase of 5.8%. Comparable sales for Home Depot's U.S. stores were up 7.7%.
Home Depot shares demurred 50 cents to $164.85 in early Tuesday morning trading.
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