Home Depot second-quarter sales bounce back, results top estimates

15 Agosto, 2018, 12:07 | Author: Arnold Perez
  • American flag flies over a Home Depot store location in Bellingham Mass. More

The performance comes at a time when sales of new US single-family homes fell to an eight-month low in June and data for the prior month was revised sharply lower, the latest indications that the housing market was slowing down.

The weather and falling unemployment, near a five-decade low, has led to increased home-improvement spending.

"We were very pleased with our record second quarter sales and earnings", said Craig Menear, Chairman, CEO and President. Lumber, indoor and outdoor garden products, lawn-mowers, patio furniture, ceiling fans, interior and exterior paint all posted strong growth.

The Atlanta company on Tuesday said it is targeting sales growth of about 7% and comparable-store sales growth of about 5.3%, above its prior guidance of 6.7% and 5%, respectively.

Home Depot reported earnings of $2.25 a share on revenue of $28.11 billion in the year ago quarter.

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Home Depot said customer transactions rose 3.1 percent in the second quarter ended July 29.

Net earnings increased to $3.5 billion, or $3.05 per share, in the quarter, from $2.7 billion, or $2.25, a year earlier.

Sales at stores open at least a year, a key indicator of a retailer's performance, surged 8 percent, and 8.1 percent in the U.S. Analysts expected $2.84 per share. Revenue was $30.5 billion.

Home Depot shares, which have risen 25 percent in the past 12 months, added 0.4 percent to $194.94.

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