Home Depot Inc (NYSE:HD) is trending after the company posted better-than-expected first quarter results, proving its mettle in the tough retail industry. The home improvement supplies company beat analysts forecast and also upped its fiscal 2017 profit outlook. Home Depot ’s comparable sales in the US increased by 6%, while the Street had expected comp. sales to increase by 4.3%.
Home Depot Inc (NYSE:HD) has a great advantage in the retail industry due to the fact that people prefer buying home improvement items like countertops, drywall and lumber from physical stores.
Rising interest rates in the US are pushing people to renovate their existing homes instead of buying new ones. This has resulted in an increasing demand of home improvement supplies. In the first quarter of 2017, NAR's Home Remodeling Index (RMI) increased five points to 58, its highest since 2015.
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