by Amelia Lucas, CNBC.com
Home Depot on Tuesday raised its full-year outlook after reporting solid quarterly earnings, fueled by the company’s strongest first-quarter sales on record. For 2022, Home Depot now expects sales to increase by about 3% and earnings per share growth in the mid-single digits.
Home Depot executives said they haven’t seen shoppers trading down in the face of higher prices and don’t expect them to start.“The strong performance in the quarter is even more impressive given the robust performance we were comparing against last year,” CEO Ted Decker said on the company’s conference call with analysts.
Decker said that the company hasn’t seen the sensitivity to inflation that was initially expected.