With an estimated sales increase of more than 6 percent for 2016 and a spike in earnings to $6.33 per share, Home Depot had a very good year. A number of factors contributed to the retailing giant’s strong performance, but it was the pro segment of the business that set the pace. The company is betting big on contractors, with a variety of initiatives. Stores now carry more products that appeal to contractors, and the company has seen success with a private-label credit card for pro customers. In addition, the launch of a series of online features aims to help make shopping more convenient for pros.
“Virtually every department had higher pro spend (comparatively) than consumer,” said CEO Craig Menear during an earnings report teleconference.