Home Depot, an American home furnishings e-commerce company, announces Q1 results! Revenue hits a record high of $38.9 billion!

It is learned that according to foreign media reports, the US home furnishing e-commerce company Home Depot recently announced its financial results for the first quarter of 2022. The report shows that the company's revenue this quarter was US$38.9 billion, a year-on-year increase of 3.8%, an increase of US$1.4 billion, a record high. Inflation and rising prices pushed up Home Depot's Q1 revenue.

While Home Depot's order volume fell 8.2% during the quarter, the average order value increased 11.4% to $91.72 from $82.37 in the same period last year, the company reported.

Home Depot reported net revenue of $4.23 billion in the first quarter of this year, up 6.0% from $4.14 billion in the same period last year. Global store sales increased 2.2% year-over-year, with U.S. store sales increasing 1.7% year-over-year.

“Sales through digital platforms grew 3.7% in the first quarter,” said Jeff Kinnaird, executive vice president of sales at Home Depot. “50% of transactions were completed in physical stores.”

In addition, Home Depot's operating income in the first quarter was $5.92 billion, up 2.6% from $5.78 billion in the same period last year. Operating expenses were $7.21 billion, up 3.7% from $6.96 billion in the same period last year.

Home Depot CEO Ted Decker said: "Home Depot achieved unprecedented growth in the early days of the epidemic. As the epidemic lockdown restrictions were lifted, the company's growth trend slowed down. Now Home Depot's most loyal consumer group has returned to the original DIY and home people, which accounts for 45% of Home Depot's sales."

In view of the continued hot real estate industry in the United States and the surge in consumer demand for home furnishings, Home Depot has raised its revenue guidance for fiscal 2022. It is expected that full-year revenue will increase by 3% and net profit will achieve a single-digit growth.

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