Home Depot Inc. raised its annual profit and sales forecasts on Tuesday, easing concerns that demand for home-improvement tools and building materials would take a hit amid surging inflation.
The company’s shares rose as much as 5 percent to $310.78 as Home Depot’s first-quarter comparable sales increased, driven by higher sales of plumbing, building materials, and paint, even as it flagged a late start to the spring selling season.
During the COVID-19 lockdowns people flush with stimulus money took up several do-it-yourself (DIY) home projects and hired professionals to upgrade their homes, lifting sales at Home Depot and smaller rival Lowe’s Cos Inc in 2020….
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