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New year, same results; 1st Quarter sales roar at Home Depot

A Home Depot store is shown, Friday, May 14, 2021, in North Miami, Fla. Home Depot continues to fill the needs of the surging housing market during the pandemic, with fiscal first-quarter sales soaring and blowing past Wall Street's expectations. (AP Photo/Wilfredo Lee)
A Home Depot store is shown, Friday, May 14, 2021, in North Miami, Fla. Home Depot continues to fill the needs of the surging housing market during the pandemic, with fiscal first-quarter sales soaring and blowing past Wall Street's expectations. (AP Photo/Wilfredo Lee) A Home Depot store is shown, Friday, May 14, 2021, in North Miami, Fla. Home Depot continues to fill the needs of the surging housing market during the pandemic, with fiscal first-quarter sales soaring and blowing past Wall Street's expectations. (AP Photo/Wilfredo Lee)

By MICHELLE CHAPMAN / AP Business Writer 2 min read

An overcharged housing market is keeping aisles full at Home Depot and the company reported sales that blew past Wall Street expectations Tuesday.

Sales hit $37.5 billion, up 32.7% from the same year, far better than analyst projections of $34.88 billion, according to Zacks Investment Research

Sales at stores open at least a year, a critical indicator of a retailer’s health, jumped 31%. In the U.S., those sales rose 29.9%.

“The number of people undertaking projects around the home continues to increase. There is a very clear pattern of investing in living spaces whether through full remodeling or partial decoration,” said Neil Saunders, managing director of GlobalData.

Home Depot’s profit nearly doubled, hitting $4.1 billion, or $3.86 per share. That compares with $2.2 billion, or $2.08 per share, a year ago. Wall Street expected $3.04 per share.