Home Depot (NYSE: HD) on Tuesday reported fourth-quarter earnings and sales that topped Wall Street's expectations, as more shoppers flocked to its stores and rung up bigger tickets.
"Our ongoing commitment to enhance the interconnected retail experience for our customers, provide localized and innovative product, and deliver best in class productivity resulted in record sales and net earnings for 2017," said Home Depot CEO and Craig Menear.
Home Depot reported net income for the fourth quarter of fiscal 2017 of $1.8 billion, or $1.52 a share, compared with $1.7 billion, or $1.44 per share, a year ago. Excluding one-time items, the retailer earned $1.69 a share. Its expenses during the period included bonus payments and impacts from new U.S. tax legislation.
Revenue climbed 7.5% from a year ago to $23.9 billion. The company said its customer transactions rose 2%, while the average ticket increased 5.5% (to $64 per person). Same-store sales — a key metric for retailers — were also up a whopping 7.5%.
The Atlanta-based company also on Tuesday raised its quarterly dividend, for the ninth-consecutive year, by 15.7% to $1.03 a share.
Coming off a strong year, Home Depot is looking to grow even more in the coming months. The company expects its sales will rise by about 6.5% in fiscal 2018 and same-store sales will be up 5%. It has also reaffirmed its outlook for 2020, calling for as much as $120 billion in sales by then.
Shares in Home Depot triumphed $3.07, or 1.6%, to $190.04, as the clock approached noon ET Tuesday.
