Home Deport surges amid higher-than-expected sales, profit

The Home Depot is closing in on the $100 billion mark in annual sales.

The Atlanta-based retailer posted a 6.4% increase in same-store sales in the United States, and 5.8% overall, for the quarter ended Jan. 29.

CEO Craig Menear credited merchandising mix and digital prowess for the chain’s better-than-expected fourth quarter performance, which saw sales increase to $22.2 billion in the fourth quarter, up 5.8% from 21.0 billion in the same quarter last year.

As the Home Depot closes in on the $100 billion mark for annual sales, the Atlanta-based retailer rang up a fourth quarter comparable-store sales stat of 6.3% in the United States, and 5.8% overall.



CEO Craig Menear credited merchandising mix and digital prowess for the performance, which saw sales increase to $22.2 billion in the fourth quarter, up 5.8% from 21.0 billion in the same quarter last year.



For the full year, sales increased to $94.6 billion, up 6.9% from $88.5 billion last year.



“Our focus on providing localized and innovative product selection, improving the interconnected customer experience, and driving productivity resulted in record sales and net earnings for 2016,” said Craig Menear, chairman, CEO and president. “Our associates responded to a healthy housing market and strong customer demand.”



The company released guidance for its 2017 fiscal performance, highlighted by expectations fo 4.6% sales growth -- for nets ales and comp-store sales. The retailer expects to add six new stores next year -- up from its current figure of 2,278.



Home Depot also expects capital spending to reach about $2.0 billion in 2017.