Home Depot Q4 sales jump 25%, but unclear consumer spending outlook

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2/23/2021 3:12:00 PM

Home Depot's Q4 sales jumped 25% to $32.3 billion, beating analyst estimates, but it said future consumer spending remained uncertain

Business Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

as the COVID-19 pandemic drags on.However, the company's shares fell 1.5% in low-volume premarket trading, after Home Depot warned that it was unable to predict how consumer spending would evolve this year."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," Richard McPhail, the company's chief financial officer,

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said.Same-store sales jumped 24.5% in the fourth quarter ended January 31, beating analysts' average estimate of an 18.9% increase, according to IBES data from Refinitiv.Total sales in the quarter reached $32.3 billion, an increase of $6.5 billion year-over-year.

Net earnings rose 16% to $2.9 billion.Total sales for the 2020 fiscal year, meanwhile, rose 19.9% to $132.1 billion, for annual net earnings of $12.9 billion.NewsletterThe biggest stories in fast food, shopping, and more. Sign up for Insider Retail.Loading headtopics.com

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Thousands of cold-stunned sea turtles being rescued in Texas

People have taken thousands of cold-stunned sea turtles to a convention center in South Texas in hopes of saving them during the unusually chilly weather

Hopefully the Texas weather chaos added to bottom line revenue last week! 🗣 Generators are not cheap, lol...grow baby, GROW 💰HomeDepot Waiting on the next stimulus to boost sales... 👌👌👌👌👌⚡️