Dive Brief:
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Home Depot’s Q3 total same-store sales increased 5.2%, and its U.S. same-store sales increased 5.8%, handily beating expectations of 5%.
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Net sales rose 5.4% to $20.52 billion, edging out expectations of $20.46 billion, and the home-improvement retailer confirmed its full-year targets.
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Costs associated with the breach did take their toll on the bottom line, though; the company said that Q3 pretax net expenses of $28 million were breach-related, with an untold more to come as it continues to investigate and address the issue.
Dive Insight:
Home Depot doesn’t seem to have suffered nearly the way Target did after its own huge breach last year, though it may not be fair to compare the two.
Although Home Depot’s breach was bigger — 56 million credit cards hacked compared to 40 million — the home improvement retailer has been in healthier shape, with sales improving along with the economy. Target is also facing more pressures from multiple sources, with stronger and more diverse competition in brick-and-mortar and e-commerce. But, Home Depot may be facing a tougher road ahead as home sales and home improvement expenditures slow.