Home Depot Posts 4Q Sales Gain, Raises Dividend
February 23 2021 - 5:43AM
Dow Jones News
By Matt Grossman
Home Depot Inc. Tuesday logged strong sales growth in the latest
quarter, capping a year in which the Covid-19 pandemic led
consumers to spend more on home improvement.
The Atlanta-based home-improvement retailer recorded
fourth-quarter earnings of $2.65 a share, compared with $2.28 a
share in the same quarter a year earlier. Its net earnings were
$2.86 billion, up from $2.48 billion in 2019's fourth quarter.
Analysts surveyed by FactSet were expecting a profit of $2.61 a
share.
Home Depot's revenue rose 25% to $32.26 billion. Analysts had
forecast revenue of $30.63 billion.
The company declined to offer formal guidance for 2021, citing
uncertainty caused by the coronavirus pandemic.
"If the demand environment during the back half of fiscal 2020
were to persist through fiscal 2021, it would imply flat to
slightly positive comparable sales growth and operating margin of
at least 14%," Chief Financial Officer Richard McPhail said.
The company increased its quarterly dividend by 10%, to $1.65 a
share, or an annual dividend of $6.60.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 23, 2021 06:28 ET (11:28 GMT)
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