- Home Depot sees year adjusted net $3.03
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TEL AVIV (MarketWatch)
Home Depot Inc., the world's largest home-improvement retailer, reported on Tuesday that fiscal-third-quarter net income rose 1.4% on 4.6% higher sales. For the quarter ended Oct. 28, earnings reached $947 million, or 63 cents a share, from $934 million, or 60 cents, in the year-earlier quarter. The latest results reflect a charge of 11 cents a share for the planned closing of seven stores in China. The latest adjusted net income was 74 cents a share. Sales totaled $18.13 billion compared with $17.33 billion. A survey of analysts by FactSet produced consensus estimates of profit of 70 cents a share on sales of $17.92 billion. For the quarter, comparable-store sales rose 4.2%. For the year, Home Depot lifted its outlook for earnings to $2.92 a share, or an adjusted $3.03. FactSet's survey is looking for $2.99. The quarter's results reflect "what we believe is the start of the path toward the healing of the housing market," Chairman and Chief Executive Frank Blake said in a statement
By Saabira Chaudhuri
Home Depot Inc.'s fiscal third-quarter earnings edged up 1.4% as the home-improvement-products retailer recorded strong revenue growth and slightly wider margins, catapulting results above Wall Street estimates.
Home Depot raised its view for the year to adjusted earnings of $3.03 a share on revenue growth of about 5.2% from its prior view of $2.95 a share on growth of 4.6%.
In September, Home Depot said it would record a third-quarter charge related to the closing of is remaining seven big box stores in China. Tuesday, the company revealed the charge was about $165 million net of tax, or 11 cents a share. The decision puts Home Depot on a growing list of retailers that have stumbled in China by failing to grasp the local culture and importing business models that are better suited to the U.S. or other countries.
Last month, Chief Executive Frank Blake said Home Dept was exploring formats for use in China other than its big-box stores. He also said at the time that while Home Depot, the biggest home-improvement retailer in the U.S., doesn't see the home-improvement market in a recovery, he does see a "thawing out," with pockets of improvement, most notably in some of the hardest-hit states.
Tuesday, Mr. Blake said results for the quarter "were better than we expected and reflected, in part, what we believe is the start of the path toward the healing of the housing market."
For the quarter ended Oct. 28, Home Depot reported a profit of $947 million, or 63 cents a share, compared with a year-ago profit of $934 million, or 60 cents a share. Stripping out the charge related to closing its stores in China, Home Depot reported a per-share profit of 74 cents.
Sales rose 4.6% to $18.13 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 70 cents on revenue of $17.92 billion.
Same-store sales rose 4.2%, reflecting a 4.3% increase in the U.S. The average ticket was $54.55, a 2.9% rise from $53.03 a year earlier, while the number of customer transactions edged up 1.7%.
Gross margin widened slightly to 34.6% from 34.4% even as input costs climbed 4.4%.
Total operating expenses were up 4.3%, while interest expense declined by the same percentage. The company's provision for income taxes rose 22% to $636 million.
Home Depot said its updated per-share earnings guidance includes the benefit of its year-to-date share repurchases and also its intent to repurchase $700 million in additional shares in the fourth quarter. This will bring the total dollar amount of shares repurchased to $4 billion for the year.
Shares edged down 15 cents to $61.01 in recent light premarket trading. Through Monday's close, the stock has jumped 61% in the past year.
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