Renovations propel Home Depot sales

ATLANTA — Home Depot sales got another shot in the arm from the U.S. housing boom last quarter, with an extra boost from hurricane-recovery efforts in Puerto Rico and Southern states.

A push by Americans to fix up their properties — using money generated by rising home values — helped lift the retailer’s same-store sales by 7.5 percent. That beat analysts’ prediction of 6.5 percent, according to Consensus Metrix.

After almost a decade of rising U.S. property values, homeowners are making renovations at a record pace. The world’s largest home-improvement chain also has benefited from investments in its technology and customer service — part of a strategy that has focused on generating more sales from current stores, rather than opening new ones. Through the end of last week, the stock had surged about 30 percent in the past 12 months, though it closed Tuesday down 0.14 percent.

Home Depot also is benefiting from a wave of millennials finally buying homes and starting families. That’s sending more consumers and contractors into its stores seeking supplies, appliances and fixtures.

Revenue rose 7.5 percent to $23.9 billion in the fourth quarter, exceeding the average estimate of $23.7 billion. Earnings amounted to $1.69 a share, excluding some items, compared with a projection of $1.63.