© Reuters. FILE PHOTO: The logo of Home Depot is seen in Encinitas, California April 4, 2016. REUTERS/Mike Blake
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(Reuters) – Home Depot Inc (NYSE:) increased its full-year sales forecast on Tuesday as demand for home improvement tools and building materials holds up after a surge in the early months of the pandemic.
The company’s shares rose 4% to $307.99 in premarket trading.
During the COVID-19 lockdowns people took up several do-it-yourself (DIY) home projects and hired professionals to upgrade their homes, lifting sales at Home Depot and rival Lowe’s (NYSE:) Cos Inc in 2020.
Analysts have said demand from home-improvement professionals is holding up despite higher prices.
Home Depot now expects comparable sales to increase about 3% in fiscal 2022, compared to its previous forecast of a slight positive growth. Analysts were expecting a 1.4% increase, according to IBES data from Refinitiv.
The company now expects earnings per share growth to be in the mid-single digits percentage range in fiscal 2022, compared to its previous forecast of low-single digits percentage growth.
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