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Home Depot Sales Up Despite Supply Challenges

Home improvement retail giant The Home Depot on Tuesday (Nov. 16) said its sales for the third quarter of fiscal 2021, which ended Oct. 31, were $36.8 billion, up $3.3 billion — or 9.8% — from the same time a year ago as consumers continue to spend on home improvement projects. 

Home Depot’s net earnings for the third quarter of fiscal 2021 were $4.1 billion, compared with net earnings of $3.4 billion at the same time a year ago. Comparable sales, meanwhile, jumped 6.1% overall in Q3 and 5.5% in the U.S. 

“As evidenced by our strong performance in the quarter, our team continues to do an outstanding job of operating with flexibility and agility,” said Craig Menear, Home Depot’s chairman and CEO, in the company announcement. “Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted.” 

The Home Depot had 2,317 retail stores across the U.S., Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico through the end of the third quarter of fiscal 2021. The company added 14 stores from a small acquisition they wrapped up in the second quarter of fiscal 2021. 

The company has about 500,000 employees. 

Related: Home Depot Wants To Be the Control Hub for All Your Smart Devices   

In September, The Home Depot debuted an app that allows consumers to control compatible smart home products by saying, “Hey Google” or “Alexa.” 

The Hubspace app integrates smart home products with the Google Home or Amazon Alexa platforms to enable voice commands for hands-free product control. Users can control the smart home devices by talking to their digital assistants or giving commands through the Hubspace app.   

Hubspace supports smart products from four different manufacturers and 59 different products, including ceiling fans, indoor and outdoor lighting fixtures and plugs and connectors . The Home Depot plans to add more connected home and office automation devices to Hubspace.

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