Hardware Retailing The Industry's Source for Insights and Information
Home Depot has announced its financial results for the fourth quarter of 2018 and for the year overall.
In total, the company reported sales of $26.5 billion for the fourth quarter of 2018, which represents a 10.9 percent increase over the same period in 2017. The company says comparable sales for the fourth quarter of 2018 were up 3.2 percent and up 3.7 percent in the U.S. specifically.
Home Depot’s net earnings for the fourth quarter of 2018 were $2.3 billion, up from $1.8 billion from the same period in 2017.
For fiscal year 2018 overall, Home Depot’s sales landed at $108.2 billion, a 7.2 percent increase from fiscal year 2017. According to the big-box company, total comparable sales for fiscal year 2018 increased 5.2 percent globally and 5.4 percent in the U.S.
“We achieved record sales and net earnings in fiscal 2018, while making great progress on the strategic investments we laid out in December of 2017. We focused on enhancing the interconnected retail experience for our customers, providing localized and innovative product and delivering best-in-class productivity,” says Craig Menear, chairman, CEO and president of Home Depot. “Our view on the health of the economy and the consumer, as well as the momentum of our strategic investments, supports our belief that we can deliver comparable sales growth of 5 percent in fiscal 2019. I would like to thank our associates for their solid execution and exceptional work in service to our customers.”
Earlier this month, the big-box retailer announced plans to cut its installation staff. In September, the company reported an expansion of its same-day delivery services.
As of the end of 2018, Home Depot operates 2,287 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs more than 400,000 people.
