Consumer Behavior

Home Depot nails Q1 earnings, revenue

Photo by istock.com

May 19, 2021

Stay-at-home mandates during the past year of the COVID-19 pandemic proved lucrative for Home Depot as the home improvement retailer beat estimates in its Q1 earnings and revenue, and shares spiked 2% on the news.

That 2% increase brings the company's stock boost to more than 20% this year, according to a CNBC report. The retailer reported fiscal first-quarter net income of $4.15 billion, or $3.86 per share, up from $2.25 billion, or $2.08 per share, from 2020. Analysts projected earnings per share were $3.08.

"Fiscal 2021 is off to a strong start as we continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects," CEO Craig Menear said in a statement.

Home Depot is not releasing an outlook for fiscal 2021.