Atlanta, Georgia – Home improvement giant Home Depot reported stronger-than-expected quarterly sales on Tuesday despite challenges caused by heightened interest rates and housing prices impacting consumer demand. The company’s Chief Financial Officer, Richard McPhail, noted that although housing was still affected by mortgage rates, Home Depot experienced growth in various merchandise categories and geographic regions in the United States.

Looking ahead, Home Depot anticipates a growth of 2.8% in total sales for the full year, with comparable sales expected to increase by around 1%. The company also projects a 2% decline in adjusted earnings per share compared to the previous year.

In the fiscal fourth quarter, Home Depot exceeded Wall Street estimates with earnings per share of $3.02 versus an expected $3.01 and revenue of $39.70 billion compared to the anticipated $39.16 billion. Net income for the quarter rose to $3.0 billion from $2.80 billion in the previous year, with revenue increasing by 14%.

Despite challenges faced due to hurricanes and tough weather conditions, Home Depot experienced increasing same-store sales for the first time in eight quarters, surpassing analysts’ expectations. The company saw growth in online sales, with a particular focus on faster deliveries for appliances and power tools.

Home Depot’s focus on serving home professionals also yielded positive results, with sales increases noted in key categories like roofing, drywall, and lumber. The company’s strategic acquisition of SRS Distribution further solidified its presence in the professional market.

As Home Depot continues to navigate a changing landscape impacted by housing market challenges and shifting consumer preferences, the company remains optimistic about future growth opportunities. With plans to open new stores and invest in its e-commerce business, Home Depot aims to adapt to evolving consumer needs and preferences in the home improvement sector.