Home Depot Touts Agility in Ever-Changing Economic Landscape

The Home Depot Chairman and CEO Craig Menear used the word “agility” when talking about the approach he and his organization have taken to the ever-changing economic environment that’s included mask mandates, vaccination rates and an increase in foot traffic, especially lately.

Another way to look at agility, though, is not trying to roll back a sales approach to what worked before the COVID-19 pandemic began and instead focusing on giving customers what they want now in an increasingly digital world that’s still seeing people focusing on making home improvements.

The Home Depot on Tuesday (Feb. 22) reported its fourth quarter and fiscal 2021 full-year results, including a 10.7 percent growth in sales for Q4 to $35.7 billion and an 8.1 percent jump in comparable sales for the quarter.

“Fiscal 2021 was another record year for The Home Depot. We achieved a milestone of over $150 billion in sales,” said Menear in the company announcement. “Our ability to grow the business by over $40 billion in the last two years is a testament to investments we have made in the business, our ability to execute with agility, and our associates’ relentless focus on our customers.”

Home Depot’s full-year sales for fiscal 2021 were $151.2 billion, up $19 billion (14.4 percent) from fiscal 2020. Comparable sales for fiscal 2021 jumped 11.4 percent for the year and comparable sales in the U.S. were up 10.7 percent.

Related: Big Retailers Cater to Home Improvement Pros as Remodeling Trend Keeps Building

In December, Bloomberg reported that The Home Depot is investing in distribution centers that will respond to the growth in larger orders from contractors. While contractors are only 5% of Home Depot’s shoppers, they account for about 45 percent of the company’s sales, according to the report.

In October, The Home Depot became the first customer of Walmart GoLocal, a delivery-as-a-service offering that caters to professional customers, wholesalers and other retailers.