Housing market strength underpins Home Depot's holiday-quarter results

) benefited from a solid U.S. housing market and higher job growth that led consumers to spend more at its stores in the holiday shopping quarter, helping the home improvement chain beat sales and profit estimates.

The U.S. housing market has gained from the lowest mortgage rates in more than three years after the Federal Reserve lowered borrowing costs thrice in 2019. “Our fourth quarter results reflect strength in our core business, solid execution around our holiday events and the overall health of the consumer,” said Home Depot Chief Executive Officer Craig Menear.

The strong rise in sales also indicates that investments in the marriage of Home Depot’s online and brick-and-mortar businesses is staring to pay off, boding well for this fiscal year, Jefferies analysts wrote.

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