by Home improvement retailer also remains profitable with net earnings totaling $3.6 billion
ATLANTA — Home improvement retailer Home Depot reported a 2.8% increase in sales for its third quarter ended Nov. 2, which the company said reflected about $900 million in sales from its recent acquisition of specialty building products distributor GMS Inc.
The company reported sales of $41.4 billion, up from $41.2 billion the same period last year. The company said comparable-store sales rose .2% and comparable-store sales in the U.S. rose .1%.
Net earnings for the third quarter of fiscal 2025 were $3.6 billion, or $3.62 per share, compared with net earnings of $3.65 billion, or $3.67 per share, the same period last year.
Operating income totaled $5.35 billion, compared with $5.42 billion last year, and gross profit totaled $13.8 billion, compared with $13.4 billion last year.
The company also said that selling, general and administrative expenses were $7.6 billion, compared with $7.2 billion last year, a 5.9% increase.
“Our results missed our expectations primarily due to the lack of storms in the third quarter, which resulted in greater than expected pressure in certain categories,” said Ted Decker, chair, president and chief executive officer. “Additionally, while underlying demand in the business remained relatively stable sequentially, an expected increase in demand in the third quarter did not materialize. We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand. Our teams are continuing to execute at a high level and we believe we are growing our market share. I would like to thank our associates for their continued hard work and dedication.”
Furniture is an increasingly important segment of the company’s e-commerce business. The company ranked at No. 23 on Home News Now’s 125 Furniture & Bedding retailers with an estimated $775 million in furniture and bedding sales in 2024.
With bedroom, dining, home entertainment, home office, sofas, sectionals, mattresses, outdoor furniture and more, customers can order products on the company website and either pick them up in-store or have them shipped directly to their home.
At the end of the third quarter, the company operated 2,356 retail stores and more than 1,200 SRS distribution locations in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, Mexico and 10 Canadian provinces. The company said it employs more than 470,000 associates.
