A customer partially wearing a mask at a store in Reston, Virginia, on Thursday, May 21, 2020.
Andrew Harrer | Bloomberg via Getty Images
Home Depot is expected to report its fiscal third-quarter earnings before the bell Tuesday.
Here’s what analysts surveyed by Refinitiv are expecting:
Earnings per share: $3.40 expected
Revenue: $35.01 billion expected
The home improvement retailer reported soaring sales a year ago as the pandemic fueled more do-it-yourself projects. But Wall Street is expecting more muted results this quarter, predicting that the boom in home projects is fading. Analysts are forecasting same-store sales growth of just 2.2%, according to StreetAccount estimates.
Still, a strong housing market has helped Home Depot and rival Lowe’s. Demand has been rising from home professionals, helping to offset lower demand from do-it-yourself projects.
Like other retailers, Home Depot faced a number of headwinds during the quarter, including the surge of new Covid-19 cases due to the delta variant, supply chain issues and a labor crunch. Investors will be watching closely to see if the company can maintain its profit margins despite those challenges.
Home Depot hasn’t provided a forecast for the full year, but Wall Street is expecting earnings per share growth of 22.6% and revenue growth of 11%.
Shares of the company have climbed 38% this year, giving it a market value of $388 billion.
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