Pre-market shares ticked upward after the top U.S. home improvement retailer beat first-quarter Wall Street expectations.
Steady consumer demand drove higher average spending per trip, counteracting broader inflationary pressures in the housing market.
The company posted impressive quarterly sales of $41.77 billion, surpassing analyst predictions of $41.52 billion.
Strategic investments in digital tools and in-store capabilities successfully attracted high-spending professional contractors and builders.
The company’s advanced AI-powered tool helped professional customers streamline project planning and track material costs efficiently.
Foot traffic also improved, as quarterly visits to physical stores rose 1.9% compared to the previous year.
Home Depot kicks off a major retail earnings week, ahead of updates from Lowe’s, Target, and Walmart.
Executives still expect annual comparable sales to range from flat to a modest 2% increase this year.
