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Home Depot (HD) Beats on Q1 Earnings, Ups FY16 Outlook

The Home Depot Inc. HD, the world’s largest home improvement retailer, released first-quarter fiscal 2016 results, wherein earnings of $1.44 a share came much ahead of the Zacks Consensus Estimate of $1.33 and jumped 19% year over year.

Earnings Estimate Revision: The Zacks Consensus fiscal 2016 Estimate portrays an uptrend trend in the last 30 days. Further, in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 4.4%.
Revenues: Home Depot’s net sales increased 9% year over year to $22,762 million. Comparable store sales grew 6.5%, while comps for the U.S. stores rose 7.4%.

Outlook: Following a strong quarter, the company raised its outlook for fiscal 2016. Sales for the year are now expected to increase 6.3%, compared to 5.1%-6.0% expected earlier. Comparable store sales growth is now expected at 4.9%, up from a range of 3.7%-4.5% predicted earlier.

Earnings per share is now envisioned to jump 14.8% year over year to $6.27 per share. Earlier, it was anticipated to come in a band of $6.12- $6.18, reflecting a 12%-13% year over year growth.

Zacks Rank: Currently, Home Depot carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Check back later for our full write up on Home Depot’s earnings report!

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