Home Depot on Tuesday said sales grew 11% in the fiscal fourth quarter and it projected growth in 2022, as contractors bought lumber, electrical equipment and other supplies for projects.
While demand has eased from the height of the coronavirus pandemic, Home Depot is being challenged by inflation and supply chain bottlenecks. The company topped Wall Street’s expectations and said it anticipates earnings per share will grow at a low single-digit pace while sales trends will be “slightly positive” in the coming fiscal year.
But Home Depot shares fell 8.85% on Tuesday to close at $316.17, after the retailer attributed some its latest sales gains to rising prices. Investments in its supply chain also weighed on profits, as gross margin fell from a year ago and disappointed some investors.CNBC