Regardless of inflation, provide chain snags and a decent labor market, House Depot loved a rise in gross sales in its third quarter as a result of continued demand for house enchancment initiatives.
“Our buyer has remained resilient and engaged,” CEO Ted Decker stated throughout an earnings name Tuesday (Nov. 15), noting that House Depot buyers are usually extra financially safe and personal their houses.
They’re additionally persevering with to spend extra time at house, he added, and the houses are persevering with to age and want renovations and repairs.
That is led to “stable demand” for house enchancment initiatives among the many firm’s skilled and DIY clients, Decker stated. The corporate’s earnings report reveals House Depot noticed $39.9 billion in gross sales, a 5.6% enhance yr over yr since final yr’s third quarter.
Decker expressed confidence this demand will proceed, regardless of the downturn within the U.S. housing market. Requested in the course of the name in regards to the firm’s prospects for 2023, he stated House Depot will talk about the approaching yr after it posts fourth-quarter ends in February.
As PYMNTS reported in August, the “nesting” development helped House Depot attain document gross sales and income for its second quarter this yr – $43.8 billion in income reflecting a 6.5% rise in comparable retailer gross sales – due to an ongoing backlog of house enchancment initiatives.
Decker stated Tuesday that the corporate was additionally helped by its tech investments, akin to improved performance in its app, which has boosted engagement and led to double digital progress in month-to-month energetic customers.
House Depot has additionally launched Sidekick, an “in-aisle tasking software,” Decker stated, which directs staff to probably the most high-valued activity in a given location of the shop. The corporate has additionally lately launched its Path to Professional platform, which connects contractors to expert tradespeople.
These comply with plenty of instruments the corporate has rolled out this yr for its “professionals” section, akin to new capabilities on its B2B web site to enhance the interconnected procuring and quoting expertise for these contractors.