Home Depot Inc. (HD) is still cashing in on the housing market boom, as the home improvement retailer beat Wall Street forecasts for sales and earnings in its fourth quarter reported Tuesday.
Home Depot posted earnings of $1.69 per share, compared with the projected $1.61. Revenue reached $23.9 billion, versus the anticipated $23.7 billion. Same-store sales also exceeded analyst predictions, clocking in at a 7.5% increase compare with 6%.
Home Depot shares were flat at Tuesday's close, trading at $186.71.
"Our ongoing commitment to enhance the interconnected retail experience for our customers, provide localized and innovative product, and deliver best-in-class productivity resulted in record sales and net earnings for 2017," CEO Craig Menear said in a statement.
Its revenue of $23.9 billion reflects a year-by-year increase of 7.5%, as the average ticket price increased 5.5%, to $64 per shopper. The Atlanta-based chain cited a one-time expense of $127 million under the new tax law as a negative impact on the fourth quarter.
For the full fiscal 2017, Home Depot reached total sales of $100.9 billion, up 6.7% from 2016. Total comp sales grew by 6.8%. As part of its earnings report, the retailer said that it raised its quarterly dividend by 15.7% to $1.03 per share.