By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Fiscal fourth-quarter sales at Home Depot jumped 15.9 percent, reaching $19.5 billion, up from $16.8 billion in the year-ago period. Comp-store sales increased 5.5 percent.
The company attributed the rise to a combination of strong performance in its core retail stores, its service business, Home Depot Direct and the continued expansion of the Home Depot Supply platform.
Net income for the fourth quarter soared 23.4 percent for the period ending Jan. 29, rising to $1.3 billion from a year-earlier $1 billion.
The “continuous introduction of new and innovative products” helped drive up Home Depot's average ticket to a record $57.20 in the fourth quarter, an increase of 5.7 percent over the prior-year period when the average ticket was $54.13. For the 12 months, the average ticket climbed 5.6 percent, reaching $57.98, compared with $54.89 a year ago.
Among the “significant” merchandising accomplishments Home Depot cited for its fiscal year was the introduction of LG major appliances. The retailer said it grew its core majaps market share from 8.1 percent, to 9.7 percent on a 12-month rolling basis, citing information from an independent third-party research company.
Home Depot said its services business grew 21.4 percent during the 12 months, driven by strong growth in installation categories such as kitchens and countertops.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.