The Dwelling Depot Broadcasts Fourth Quarter and Fiscal 2021 Outcomes; Will increase Quarterly Dividend by 15 %; Offers Fiscal 2022 Steerage


ATLANTA, Feb. 22, 2022 /CNW/ — The Dwelling Depot®, the world’s largest house enchancment retailer, at present reported fourth quarter and monetary 2021 outcomes.

Fourth Quarter 2021

Gross sales for the fourth quarter of fiscal 2021 have been $35.7 billion, a rise of $3.5 billion, or 10.7 % from the fourth quarter of fiscal 2020. Comparable gross sales for the fourth quarter of fiscal 2021 elevated 8.1 %, and comparable gross sales within the U.S. elevated 7.6 %.

Web earnings for the fourth quarter of fiscal 2021 have been $3.4 billion, or $3.21 per diluted share, in contrast with web earnings of $2.9 billion, or $2.65 per diluted share, in the identical interval of fiscal 2020. For the fourth quarter of fiscal 2021, diluted earnings per share elevated 21.1 % from the identical interval within the prior 12 months.

Fiscal 2021

Gross sales for fiscal 2021 have been $151.2 billion, a rise of $19.0 billion, or 14.4 %, from fiscal 2020. Comparable gross sales for fiscal 2021 elevated 11.4 %, and comparable gross sales within the U.S. elevated 10.7 %.

Web earnings for fiscal 2021 have been $16.4 billion, or $15.53 per diluted share, in contrast with web earnings of $12.9 billion, or $11.94 per diluted share in fiscal 2020. For fiscal 12 months 2021, diluted earnings per share elevated 30.1 % versus final 12 months. 

“Fiscal 2021 was one other file 12 months for The Dwelling Depot. We achieved a milestone of over $150 billion in gross sales,” stated Craig Menear, chairman and CEO. “Our potential to develop the enterprise by over $40 billion within the final two years is a testomony to investments we have now made within the enterprise, our potential to execute with agility, and our associates’ relentless concentrate on our clients. I want to thank all of our associates, in addition to our provider companions, for his or her arduous work and dedication to serving our clients, communities and one another.”

Dividend Declaration

The Firm at present introduced that its board of administrators authorized a 15 % enhance in its quarterly dividend to $1.90 per share, which equates to an annual dividend of $7.60 per share.

The dividend is payable on March 24, 2022, to shareholders of file on the shut of enterprise on March 10, 2022. That is the 140th consecutive quarter the Firm has paid a money dividend.

Fiscal 2022 Steerage

The Firm’s fiscal 2022 steerage assumes the run-rate of greenback demand it has noticed during the last two quarters continues by fiscal 2022. This greenback run-rate is adjusted for the Firm’s historic seasonality to calculate its gross sales outlook for 2022.

Fiscal 2022 Steerage:

  • Gross sales progress and comparable gross sales progress to be barely optimistic
  • Working margin roughly flat with fiscal 2021
  • Web curiosity expense of roughly $1.5 billion
  • Tax charge of roughly 24.6 %
  • Diluted earnings-per-share-growth to be low single digits

The Dwelling Depot will conduct a convention name at present at 9 a.m. ET to debate data included on this information launch and associated issues, together with a quick replace on strategic initiatives. The Firm expects the convention name to finish no later than 10:30 a.m. ET. Following the decision, supplemental slides associated to the convention name might be discovered at  https://ir.homedepot.com/financial-reports/quarterly-earnings/2021. The convention name will likely be out there in its entirety by a webcast and replay at ir.homedepot.com/events-and-presentations.

On the finish of the fourth quarter, the Firm operated a complete of two,317 retail shops in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico, together with 14 shops within the U.S. from a small acquisition accomplished throughout the second quarter of fiscal 2021. The Firm employs roughly 500,000 associates. The Dwelling Depot’s inventory is traded on the New York Inventory Alternate (NYSE: HD) and is included within the Dow Jones industrial common and Commonplace & Poor’s 500 index.

Sure statements contained herein represent “forward-looking statements” as outlined within the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements might relate to, amongst different issues, the affect of the COVID-19 pandemic and the associated restoration on our enterprise, operations and monetary outcomes (which, amongst different issues, might have an effect on lots of the gadgets listed under); the demand for our services; web gross sales progress; comparable gross sales; the consequences of competitors; our model and popularity; implementation of retailer, interconnected retail, provide chain and know-how initiatives; stock and in-stock positions; the state of the economic system; the state of the housing and residential enchancment markets; the state of the credit score markets, together with mortgages, house fairness loans and shopper credit score; affect of tariffs; points associated to the cost strategies we settle for; demand for credit score choices; administration of relationships with our associates, potential associates, suppliers and repair suppliers; worldwide commerce disputes, pure disasters, local weather change, public well being points (together with pandemics and quarantines, associated shut-downs and different governmental orders, and related restrictions, in addition to subsequent re-openings), cybersecurity occasions, and different enterprise interruptions that might disrupt provide or supply of, or demand for, the Firm’s services or products; our potential to satisfy environmental, social and governance (ESG) targets;  continuation or suspension of share repurchases; web earnings efficiency; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity or different value inflation and deflation; our potential to subject debt on phrases and at charges acceptable to us; the affect and anticipated consequence of investigations, inquiries, claims and litigation, together with compliance with associated settlements; the impact of accounting fees; the impact of adopting sure accounting requirements; the affect of regulatory adjustments, together with adjustments to tax legal guidelines and rules; retailer openings and closures; steerage for fiscal 2022 and past; monetary outlook; and the affect of acquired corporations, together with HD Provide Holdings, Inc., on our group and the power to acknowledge the anticipated advantages of these acquisitions. Ahead-looking statements are based mostly on at the moment out there data and our present assumptions, expectations and projections about future occasions. You shouldn’t depend on our forward-looking statements. These statements should not ensures of future efficiency and are topic to future occasions, dangers and uncertainties – lots of that are past our management, depending on the actions of third events, or are at the moment unknown to us – in addition to doubtlessly inaccurate assumptions that might trigger precise outcomes to vary materially from our expectations and projections. These dangers and uncertainties embody, however should not restricted to, these described in Half I, Merchandise 1A, “Threat Components,” and elsewhere in our Annual Report on Kind 10-Okay for our fiscal 12 months ended January 31, 2021 and in our subsequent Quarterly Studies on Kind 10-Q. There additionally could also be different elements that we can not anticipate or that aren’t described herein, typically as a result of we don’t at the moment understand them to be materials. Such elements may trigger outcomes to vary materially from our expectations.

Ahead-looking statements communicate solely as of the date they’re made, and we don’t undertake to replace these statements apart from as required by regulation. You might be suggested, nonetheless, to evaluation any additional disclosures we make on associated topics in our filings with the Securities and Alternate Fee and in our different public statements.

THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)



Three Months Ended




Fiscal Yr Ended



in tens of millions, besides per share information

January 30,
2022


January 31,
2021


% Change


January 30,
2022


January 31,
2021


% Change

Web gross sales

$   35,719


$   32,261


10.7 %


$ 151,157


$ 132,110


14.4 %

Value of gross sales

23,857


21,430


11.3


100,325


87,257


15.0

Gross revenue

11,862


10,831


9.5


50,832


44,853


13.3

Working bills:












Promoting, common and administrative

6,431


6,187


3.9


25,406


24,447


3.9

Depreciation and amortization

606


561


8.0


2,386


2,128


12.1

  Complete working bills

7,037


6,748


4.3


27,792


26,575


4.6

Working earnings

4,825


4,083


18.2


23,040


18,278


26.1

Curiosity and different (earnings) expense:












Curiosity and funding earnings

(18)


(10)


80.0


(44)


(47)


(6.4)

Curiosity expense

341


337


1.2


1,347


1,347


  Curiosity and different, web

323


327


(1.2)


1,303


1,300


0.2

Earnings earlier than provision for earnings taxes

4,502


3,756


19.9


21,737


16,978


28.0

Provision for earnings taxes

1,150


899


27.9


5,304


4,112


29.0

Web earnings

$     3,352


$     2,857


17.3 %


$   16,433


$   12,866


27.7 %













Primary weighted common frequent shares

1,038


1,074


(3.4) %


1,054


1,074


(1.9) %

Primary earnings per share

$       3.23


$       2.66


21.4


$     15.59


$     11.98


30.1













Diluted weighted common frequent shares

1,043


1,078


(3.2) %


1,058


1,078


(1.9) %

Diluted earnings per share

$       3.21


$       2.65


21.1


$     15.53


$     11.94


30.1














Three Months Ended




Fiscal Yr Ended



Chosen Gross sales Information (1)

January 30,
2022


January 31,
2021


% Change


January 30,
2022


January 31,
2021


% Change

Buyer transactions (in tens of millions)

402.5


416.8


(3.4) %


1,759.7


1,756.3


0.2 %

Common ticket

$     85.11


$     75.69


12.4


$     83.04


$     74.32


11.7

Gross sales per retail sq. foot

$   571.79


$   528.01


8.3


$   604.74


$   543.74


11.2

—————

(1)  Chosen Gross sales Information doesn’t embody outcomes for the legacy Interline Manufacturers enterprise or HD Provide Holdings, Inc.

THE HOME DEPOT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


in tens of millions

January 30,
2022


January 31,
2021

Belongings




Present belongings:




Money and money equivalents

$          2,343


$          7,895

Receivables, web

3,426


2,992

Merchandise inventories

22,068


16,627

Different present belongings

1,218


963

Complete present belongings

29,055


28,477

Web property and tools

25,199


24,705

Working lease right-of-use belongings

5,968


5,962

Goodwill

7,449


7,126

Different belongings

4,205


4,311

Complete belongings

$        71,876


$        70,581





Liabilities and Stockholders’ Fairness




Present liabilities:




Quick-term debt

$          1,035


$               —

Accounts payable

13,462


11,606

Accrued salaries and associated bills

2,426


2,463

Present installments of long-term debt

2,447


1,416

Present working lease liabilities

830


828

Different present liabilities

8,493


6,853

Complete present liabilities

28,693


23,166

Lengthy-term debt, excluding present installments

36,604


35,822

Lengthy-term working lease liabilities

5,353


5,356

Different long-term liabilities

2,922


2,938

Complete liabilities

73,572


67,282

Complete stockholders’ (deficit) fairness

(1,696)


3,299

Complete liabilities and stockholders’ fairness

$        71,876


$        70,581

THE HOME DEPOT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Fiscal Yr Ended

in tens of millions

January 30,
2022


January 31,
2021

Money Flows from Working Actions:




Web earnings

$        16,433


$        12,866

Reconciliation of web earnings to web money offered by working actions:




Depreciation and amortization

2,862


2,519

Inventory-based compensation expense

399


310

Adjustments in working capital

(3,043)


3,592

Adjustments in deferred earnings taxes

(276)


(569)

Different working actions

196


121

  Web money offered by working actions

16,571


18,839





Money Flows from Investing Actions:




Capital expenditures

(2,566)


(2,463)

Funds for companies acquired, web

(421)


(7,780)

Different investing actions

18


73

Web money utilized in investing actions

(2,969)


(10,170)





Money Flows from Financing Actions:




Proceeds from (repayments of) short-term debt, web

1,035


(974)

Proceeds from long-term debt, web of reductions and premiums

2,979


7,933

Repayments of long-term debt

(1,532)


(2,872)

Repurchases of frequent inventory

(14,809)


(791)

Proceeds from gross sales of frequent inventory

337


326

Money dividends

(6,985)


(6,451)

Different financing actions

(145)


(154)

Web money utilized in financing actions

(19,120)


(2,983)

Change in money and money equivalents

(5,518)


5,686

Impact of trade charge adjustments on money and money equivalents

(34)


76

Money and money equivalents at starting of 12 months

7,895


2,133

Money and money equivalents at finish of 12 months

$          2,343


$          7,895

SOURCE The Dwelling Depot

For additional data: For extra data, contact: Monetary Group, Isabel Janci, Vice President of Investor Relations and Treasurer, 770-384-2666, [email protected]; Information Media, Sara Gorman, Senior Director of Company Communications, 770-384-2852, [email protected]



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