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February 22 (Reuters) – Home Depot Inc. HD.N beat quarterly same-store sales estimates on Tuesday, buoyed by steady demand for its tools, paint and building materials over the holiday season.
Spending on DIY projects, which surged at the height of the health crisis when people were stuck indoors, has so far held up better than expected, even as restrictions ease and encourage a return to lifestyles. pre-pandemic life.
To capture that demand, Home Depot has been spending aggressively to minimize shortages due to global supply chain disruptions, with the company also chartering a freighter to overcome shipping delays due to the pandemic.
The Home Depot expects full-year sales growth to be marginally positive, while analysts had expected a 2.5% increase in sales.
Same-store sales at the No. 1 U.S. home improvement chain rose 8.1% in the fourth quarter ended Jan. 30, versus analysts’ estimates of a 4.9% increase, according to IBES data from Refinitiv. .
Home Depot, whose shares rose about 1.5% amid a broader market decline, also announced a 15% increase in the quarterly dividend.
(Reporting by Uday Sampath and Aditi Sebastian in Bengaluru; Editing by Sriraj Kalluvila)
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