Home Depot (NYSE: HD) reported robust sales for its fiscal fourth quarter which ended January 29. Same-store sales in the US were up 6.1% As the housing market has faltered and the recession has hurt consumer spending, it has been an open question as to when people would begin to spend on their homes again. These could be people with homes they cannot sell, or those who recently purchased homes that need some level of rebuilding.
The company reported that
Net earnings for the fourth quarter were $774 million, or $0.50 per diluted share, compared with net earnings of $587 million, or $0.36 per diluted share, in the same period of fiscal 2010. For the fourth quarter of fiscal 2011, diluted earnings per share increased 38.9 percent from the prior year.
The company’s forecast was luke warm
Fiscal 2012 Guidance
The Company will have 53 weeks of operating results in fiscal 2012 and provided the following guidance for fiscal 2012:
Sales growth of approximately 4 percent including the 53rd week
53rd week projected to add approximately $1 billion to total sales
Low single-digit comparable store sales growth for the 52-week period
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