Another strong quarter
HD reported a strong +8.0% comp (AE/consensus +7.0%/+6.7%), with traffic and ticket both strong. This saw higher than expected SG&A leverage, resulting in operating margins expanding ~23bps YoY and coming in ~50bps ahead of expectations. The tax rate was also modestly lower (24.7% vs. ~26% FY18 guidance), supporting EPS $0.20 ahead at $3.05. FY guidance raised for all metrics, with EPS increased $0.11. This is still $0.03 below consensus, but we believe this incorporates HD's typical conservatism. Another strong quarter from HD.The Home Depot is a home improvement retailer. The company provides its customers an assortment of building materials, home improvement products, lawn and garden products, and decor products and provides a number of services, including home improvement installation services and tool and equipment rental. The company also maintains a network of distribution and fulfillment centers, as well as a number of e-commerce websites. The company provides a number of programs for its Professional Customers to meet their particular needs, and for its Do-It-Yourself and Do-It-For-Me customers, the company provides a number of installation services. The company also provides tool and equipment rentals for its customers.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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