Home Depot Exceeds Quarterly Sales and Earnings Estimates
Home Depot reported second-quarter results that exceeded Wall Street's expectations, driven by strong demand for smaller home improvement projects. The company achieved sales of $47.9 billion, a 5.7% increase from the previous year and surpassing analyst forecasts of $47.27 billion. Adjusted earnings per share reached $4.92, exceeding estimates of $4.73. Comparable store sales rose by 1.7%, significantly higher than the projected 0.7%. In the U.S., comparable sales increased by 1.3%. Jefferies noted that a rise in average ticket size offset lower customer traffic and supported strong performance across smaller project categories. Home Depot reaffirmed its full-year guidance, projecting total sales growth of 2.5% to 4.5%. The company opened 15 new stores during the quarter and reported adjusted operating income of $7 billion for the period. Despite a slight decline in operating margin by 10 basis points to 14.7%, Home Depot's shares rose slightly following the report.
Tickers: $HD
Topics: comparable sales earnings report Home Depot sales growth