Record Home Depot sales show America's housing market is still strong

But don't tell that to Home Depot. The home comeback retail giant reported record earnings and sales for its well-nigh recent quarter.

Habitation Depot (Hd) said Tuesday that overall acquirement was upward 6.5% from a year agone, to $43.8 billion. The visitor reported a net profit of $five.2 billion, or $five.05 a share. That topped Wall Street's forecasts, as professional contractors and the do-it-yourself oversupply kept spending.

The numbers were strong across the board. Sales at stores open at least a year, rose 5.four% from the same quarter in 2021 in the United states and v.eight% at all locations worldwide. The company also reiterated its earnings and outlook for the total year.

"Our performance reflects continued strength in demand for abode comeback projects," said Habitation Depot CEO and president Ted Decker in the earnings release. Decker added that these were the highest quarterly turn a profit and sales figures in the company's history, despite "a challenging and dynamic environment."

Shares of Habitation Depot were up 4% Tuesday forenoon, after falling initially in premarket trading.

Investors may take at kickoff been focusing on the one negative in Home Depot's report: Customers didn't brand as many purchases every bit they did a yr ago. The number of overall transactions slid iii%. But this decline in activity was start past the fact that customers spent more on what they did buy. The average sales ticket was a petty more than $90, up 9% from terminal twelvemonth.

Much of that spending spike was due to inflation. said Jeffrey Kinnaird, Domicile Depot's executive vice president of merchandising, on a conference telephone call with analysts.

Only Decker too said during the conference call that Domicile Depot was not seeing any fabric signs of weakness in the housing market. He noted that demand was strong from both professional contractors as well equally DIY consumers.

"With people spending more time in their homes, so repair and remodel, need is going to increment from habiliment and tear. Y'all're going to want more space and but improvements in the home considering you're there more often," Decker said during the phone call.

People want to fix their homes and have the cash to do it. Primary fiscal officer Richard McPhail said during the briefing call that "our customer is just in a really good identify right at present." He attributed much of that to the fasten in home prices over the past few years.

And regardless of what happens to home sales, the trend of spending even more on their houses could go along, especially if the economy continues to cool this year and in 2023.

"The home improvement sector tends to perform well during recessions," said Shoggi K. Ezeizat, an analyst at Third Bridge, in a report Tuesday. "We look consumer demand to shift towards smaller calibration remodeling projects, equally individuals see their homes as stable investments during economical uncertainty."

Dwelling house Depot's earnings come during a busy week of reports from many of the nation's largest retailers, Walmart (WMT) also posted results that topped forecasts Tuesday morning time. Home Depot rival Lowe's (Depression) and Target (TGT) will report earnings Wednesday.

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