Home Depot’s (NYSE:HD) first-quarter earnings easily beat Wall Street’s estimates as consumers spent more money at the big box retailer.
The company’s earnings per share came in at $3.86 U.S. versus $3.08 U.S. that analysts had expected. Revenue in the quarter totaled $37.5 billion U.S. compared to $34.96 billion U.S. that was expected, according to Refinitiv Data.
Home Depot also reported that its global same-store sales surged 31% in the first quarter.
This is the first quarter that the retail giant is facing year-over-year comparisons to its business during lockdown periods. A year ago, Home Depot’s first-quarter same-store sales grew 6.4%.
Home Depot has been classified as an "essential business," enabling its stores to remain open throughout the pandemic. At the same time, sales at its stores accelerated as consumers tackled renovation and do-it-yourself projects while sheltering-in-place at home.
