Home Depot 3Q14 Earnings Call Notes

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This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. Full transcripts can be found at Seeking Alpha

Comps up 5.8%

“Sales for the third quarter were $20.5 billion up 5.4% from last year. Comp sales were positive 5.2% and our diluted earnings per share were $1.15. Our U.S. stores had a positive comp of 5.8%’

Growth in ticket and transaction

“We saw growth in ticket and transaction in the third quarter and we were particularly pleased with the strong transaction growth as each month in the quarter had positive comp transactions.”

Growth in consumer and pro

“Both our consumer and Pro businesses grew during the quarter.'”

Housing recovery on track

“The U.S. housing recovery continues to track in line with our expectations with home price appreciation and housing turnover being the drivers of growth for our business. And we have also seen improvement in GDP growth.’

Good comps all three months

“Comps for U.S. stores were positive 5.8% for the quarter with positive comps of 5.8% in August, 5.2% in September and 6.2% in October.”

Home values up, people getting older drivers of different sides of the business

“We’ve seen obviously as home value appreciation has happened customers are certainly more willing to invest in their homes. I think you also see services growing as a result of you have an aging population and I know for myself where I used to love to do things. I actually have Home Depot services do things now that I would have done previously. ‘

The retail business always shifts

“candidly in the retail business, the competitive environment changes on an ongoing basis. And that’s actually what’s really fun about the retail business.”