Home Depot (HD) Q2 2022 earnings

Home Depot on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations as sales rose from a year ago.

“Our performance reflects continued strength in demand for home improvement projects,” Home Depot CEO and President Ted Decker said in a statement. “Our team has done a fantastic job serving our customers, while continuing to navigate a challenging and dynamic environment.”

Here’s what the home improvement retailer reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $5.05, adjusted, vs. $4.94 expected
• Revenue: $43.79 billion vs. $43.36 billion expected

Same store sales rose 5.8% compared to an estimated 4.9%, according to FactSet.

The company said total customer transactions slipped to 467.4 million from 481.7 million in the year-ago period, while average ticket grew 9% to $90.02 from $82.48. This could indicate sales driven by professional contractors, who tend to make fewer visits and purchase in higher quantities.

Sales per retail square foot grew 5.7% compared to the same quarter last year.

Home Depot said it still expects total sales for 2022 to grow about 3% from a year ago.

Shares of the company were down about 1% in pre-market trading.

This story is developing. Please check back for updates.