Home Depot on Tuesday raised its full-year outlook and reported strong quarterly earnings, fueled by the company’s strongest first-quarter sales on record, an early signal that the retailer is so far weathering inflation.
Home Depot executives said they haven’t seen shoppers trading down in the face of higher prices, and don’t expect them to start.
For the fiscal year, the retailer is now expecting sales to increase about 3% and earnings per share growth in the mid single digits. The company previously forecast “slightly positive” sales growth and an earnings per share increase in the low single digits. Wall Street was expecting revenue growth of 1.8% and earnings per share growth of 3.6%…