The world’s largest home improvement retailer posted third quarter sales of $25 billion, up 8.1% from the same quarter last year. Comparable store sales in the U.S were positive 7.7%.
The Atlanta-based giant said hurricanes and other disasters boosted comparable store sales growth by about $282 million, but the gross-margin on hurricane-related sales was considerably lower than the company average.
Net earnings increased 10.0% to $2.165 billion.
"Though this quarter was marked by an unprecedented number of natural disasters, including multiple hurricanes, wildfires in the West, and earthquakes in Mexico, the underlying health of our core business remains solid," said Craig Menear, chairman, CEO and president. "I am proud of our team and suppliers for their extraordinary efforts to support those in the path of the various natural disasters throughout the quarter. Our support of the impacted communities continues."
Based on its year-to-date performance, underlying strength of the core business, and projected hurricane recovery sales, the company lifted its fiscal 2017 sales growth guidance and now expects sales will be up approximately 6.3% and comp sales will be up approximately 6.5%.
The company increased its store count by one unit in the third quarter, bringing its footprint to a total of 2,283.