Home Depot’s sales are lifted by customers who focused on smaller projects over the summer
Summary
Home Depot’s sales rose in the second quarter as customers spent more on smaller home projects during the summer. The company earned $4.77 billion, beating Wall Street’s earnings and revenue expectations despite a slow housing market.Key Facts
- Home Depot’s revenue grew to $47.86 billion, exceeding the expected $47.24 billion.
- Sales at stores open at least a year increased 1.7% worldwide and 1.3% in the U.S.
- Customer transactions dropped by 1%, but the average spending per transaction rose to $92.50 from $90.01 last year.
- The company earned $4.77 billion, or $4.79 per share, in the quarter ended August 2.
- Adjusted earnings per share were $4.92, beating Wall Street’s prediction of $4.73 per share.
- The housing market remains weak with falling home sales and high mortgage rates slowing buyers.
- Home Depot expects total sales growth of 2.5% to 4.5% for fiscal year 2026.
- The median price of U.S. homes rose 2% to $434,100 in July, despite the housing market slowdown.
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