The Home Depot, the world's largest home improvement retailer, has posted 19.9 per cent sales growth to $132.1 billion in its complete fiscal 2020 that ended on January 31, 2021, compared to the sales of $110.2 billion in the previous fiscal. Company’s net earnings during the fiscal rose 14.4 per cent to $12.8 billion (FY19: $11.2 billion).
“The team demonstrated ongoing flexibility to operate effectively in a very challenging environment and deliver record-breaking sales and earnings. Our ability to grow the business by over $21 billion in fiscal 2020 is a testament to both the investments we have made in the business as well as our associates' unwavering commitment to our customers,” Craig Menear, chairman and CEO at Home Depot, said in a press release.
Gross profit for FY20 was up to $44.8 billion ($37.5 billion). Selling, general and administrative expenses increased to $24.4 billion ($19.7 billion), whereas company’s operating income grew to $18.2 billion ($15.8 billion).
“We were pleased with our record financial performance in fiscal 2020. As we look ahead to fiscal 2021, while we are not able to predict how consumer spending will evolve, 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 and operating margin of at least 14 per cent,” Richard McPhail, executive vice president and CFO at Home Depot, said.
Fibre2Fashion News Desk (JL)
The Home Depot, the world's largest home improvement retailer, has posted 19.9 per cent sales growth to $132.1 billion in its complete fiscal 2020 that ended on January 31, 2021, compared to the sales of $110.2 billion in the previous fiscal. Company's net earnings during the fiscal rose 14.4 per cent to $12.8 billion (FY19: $11.2 billion).