Home Depot sales top $150B for first time amid home renovation surge

Home Depot sales top $150B for first time amid home renovation surge

By Michael E. Kanell, The Atlanta Journal-Constitution

Troy Warren for CNT #Business

Home Depot last quarter recorded sales of $35.7 billion to close its fiscal year with $151.2 billion as the giant hardware chain continued its pandemic surge to a record result, the company reported Tuesday.

Sales for the Vinings-based retailer during the fourth quarter were up 10.7% from the same period a year earlier. Home Depot’s annual revenues rose 14.4% from the previous year.

During the past two years, Home Depot sales have surged by more than $40 billion, said Craig Menear, company chairman and chief executive, in a statement. “Fiscal 2021 was another record year for The Home Depot. We achieved a milestone of over $150 billion in sales.”

That $40 billion in growth was roughly equivalent to the expansion during the decade after the Great Recession, the company said.

Home Depot revenue are larger than any other Georgia company. The company has 90 stores and about 30,000 employees in the state, with about 500,000 employees at 2,317 stores overall.

Despite disruptions in the supply chain and volatile lumber prices, Home Depot has seen dramatic growth both online and in its stores as it capitalized on a pandemic-shaped housing market in which millions of Americans were spending a lot of time at home.

With home prices steadily rising and a shortage of homes for sale, many homeowners have been putting money into current homes rather than move. That has made for a wave of business at Home Depot from both professional contractors doing renovations and do-it-yourselfers tinkering on their own.

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By Troy Warren

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