Home Depot posted another stellar quarter, sharing the welcome news with investors that revenue grew by almost $22 billion; however, the home improvement retailer declined to issue guidance on the year ahead. The reason: too many wild cards. Home Depot president Ted Decker cited the pandemic, vaccine distribution, fiscal policy, and the economy as factors that will boost or damage consumer spending in ways the retailer can't foresee. The lack of guidance caused shares to fall in price as investors questioned whether Home Depot can keep what it has won once the pandemic is over. But CEO Craig Menear sounded a note of optimism, pointing to the huge gains Home Depot has made this year.
“For context, it took us 19 years as a company to achieve the first $20 billion in total sales, and we outgrew that in this year alone,” Home Depot CEO Craig Menear told analysts during an earnings call shortly after 9am.