The Home Depot reports third quarter sales increase

Nov. 21, 2021

The Home Depot®, Atlanta, has reported sales of $36.8 billion for the third quarter of fiscal 2021, a 9.8 percent increase compared to $33.5 billion in the fiscal 2020 third quarter. Sales for the first nine months of 2021 were $115.4 billion, up 15.6 percent compared to $99.8 billion in 2020.

“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, chairman and CEO. “Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted. I would like to extend my sincere appreciation to our team, as well as our supplier, supply chain, and transportation partners, as we continue to navigate this dynamic environment together.”

At the end of the third quarter, the company operated a total of 2,317 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. Of those locations, about 1,300 across the U.S. and Canada include The Home Depot Rental, plus four rental operations facilities (ROFs) include locations in Houston and Nashville — which opened earlier this year — as well as Greater New Orleans and Los Angeles, which opened in 2019 and 2020 respectively. The Home Depot also launched its Rent Online, Pick-up In Store technology for tools this summer, a service available in more than 1,100 locations.

“Evolving with the needs of the market is vital for our business and we’ve identified a few areas that will play a particularly important role for the company, and rental industry at large, in 2022. The overwhelmingly positive response to Rental Operations Facilities has highlighted the need for larger pro-centric equipment,” said Richard Porter, vice president of Rental, Repair, RLCs & Services.

“As construction work continues to trend upward, the need to efficiently access necessary equipment is more important than ever. We are in a unique position to provide store locations that can serve the Pro’s rental and building product needs through our convenient ‘One Home Depot’ approach,” Porter said.

The company also anticipates a need for rental beyond construction and landscaping.

“Storm and emergency response has proven to be an area fraught with challenges and for problem solvers like The Home Depot Rental, we feel we are positioned to help. We have identified the need for tool and equipment rental access in intense weather-prone cities. Hurricanes, tornados and earthquakes can devastate a community; positioning accessible rental solutions on site can aid in a swift recovery response. Our hope is to continue identifying ways our business can serve the community, expanding our footprint outside of the construction realm,” Porter said.

Don’t miss the latest news from the equipment and event rental industry. Click here to subscribe to Rental Pulse and Rental Management magazine.

An official publication of the American Rental Association.
Produced by Rental Management Group. Copyright © 2021 Rental Pulse all rights reserved