Home Depot sales beat expectations and earnings beat, but stocks tumble

<p>Home Depot Inc. HD shares, -0.96%, fell 0.9% in premarket trading on Tuesday, although the home improvement retailer reported third-quarter taxable earnings that beat expectations and sales that rose well above expectations, citing a “high demand” environment for the COVID-19 pandemic. Net income for the quarter through November 1 increased to $ 3.43 billion, or $ 3.18 per share, from $ 2.77 billion, or $ 2.53 per share, in the same period of the year. previous. The FactSet consensus for earnings per share was $ 3.18. Sales grew 23.2% to $ 33.54 billion, above the FactSet consensus of $ 31.83 billion. Total same-store sales increased 24.1% to exceed FactSet’s consensus of 17.2% growth, while same-store sales in the US increased 24.6% to exceed those of expectations of 19.3%. “The third quarter was another exceptional quarter for The Home Depot, as we saw continued huge demand for home improvement projects, leading to sales growth of over $ 15 billion during the first nine months of the year, “said CEO Craig. Shake. The stock is down 3.0% for the past three months through Monday, but has recovered 28.0% to date, while the SPDR S&P Retail ETF XRT, + 0.10% is up 21, 8% this year and the Dow Jones Industrial Average DJIA, -1.15% has gained 7.6%.