Home Depot Sales Skyrocket In Q3 And Shares Jump In Pre-Market Trading

Home Depot Sales Q3

Home Depot Inc, the world’s No. 1 home-improvement retailer by revenue, reported a 6.4% rise in quarterly net sales.

The company says it was helped along by strong demand from professional contractors and builders.

The company’s net income rose to $1.73 billion, or $1.35 per share, in the third quarter ended November 1, from $1.54 billion, or $1.15 per share, a year earlier.

Net sales rose to $21.82 billion from $20.52.

“During the quarter, we saw broad-based growth across our geographies and product categories, led by growth in transactions from both our DIY and Pro customers,” said Craig Menear, chairman, CEO and president. “I would like to thank our associates for their hard work and dedication to our customers.”

Home Depot said adjusted earnings per share were $1.35 in the June-to-September quarter, beating forecasts for earnings of $1.32 per share and up 17.4% from earnings of $1.15 in the same period a year earlier.

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Third quarter of fiscal 2015 results include a pretax expense of $20 million, or $0.01 per diluted share, related to the company’s 2014 data breach.

The retailer expects fiscal 2015 diluted earnings per share to grow by about 14% to $5.36. The company’s guidance assumes foreign exchange rates remain at current levels through the fourth quarter.

Home Depot shares jumped 2.48%, or $3.00, in pre-market trade to $123.80 from Monday’s closing price $120.80.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at OnlineDegree.com.