Home Depot sales jump 25%, consumer spending outlook unclear

Home Depot Inc beat quarterly same-store sales estimates on Tuesday, riding a sustained wave of demand for home improvement goods as the COVID-19 pandemic drags on.

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However, the company’s shares fell 1.5% in low volume premarket trading, after Home Depot warned that it was unable to predict how consumer spending would evolve this year.

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“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,” Home Depot Chief Financial Officer Richard McPhail said.

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Same-store sales jumped 24.5% in the fourth quarter ended Jan. 31, beating analysts’ average estimate of an 18.9% increase, according to IBES data from Refinitiv.

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(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

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