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In-store enhancements and expansions of its core major appliance business helped propel The Home Depot’s sales and earnings for its fiscal fourth quarter and full year.
Net earnings for the home improvement chain rose 9.4 percent to $1 billion for the three months ended Jan. 30, on sales of $16.8 billion. Total sales grew 11.2 percent and comp-store sales gained 4.6 percent.
For the full year, net earnings rose 16.3 percent to a record $5 billion. Total sales spiked 12.8 percent to $73.1 billion, and same-store sales grew 5.4 percent.
CEO Bob Nardelli attributed the gains to “operational excellence” and enhancements of such core categories as major appliances, where the company added new Maytag and Hotpoint branded models and introduced an exclusive GE Adora line last year.
Customers also responded to an improved shopping experience, brought about by the chain’s store modernization program, said executive VP John Costello.
Average ticket grew 6.9 percent last quarter to $54.13, fueled in part by the rollout of its expanded major appliances department to 94 percent of its stores, and by making all of its majap models available online.
The moves helped increase Home Depot’s major appliance market share from 6.2 percent, to 8.1 percent, the company said, which it described as the largest share gain among leading white-goods dealers last year.
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.