Home Depot Posts 9.5-Percent Sales Improvement in Second Quarter

Home improvement retailer Home Depot posted sales of $22.5 billion for the second quarter of fiscal 2013 ended Aug. 4, a 9.5-percent increase compared with $20.6 billion for the same period in 2012. For the first six months of the fiscal year, the company posted $41.6 billion, compared to $38.4 billion a year ago, an 8.5-percent hike. Net earnings for the second quarter were $1.8 billion, compared to $1.5 billion a year ago.

“The second-quarter results exceeded our expectations as our business benefited from a rebound in our seasonal categories, continued strength in the core of the store and the recovering housing market in the U.S.,” said Frank Blake, chairman and CEO.

Based on year-to-date performance and outlook for the balance of the year, the company raised its fiscal 2013 sales guidance and now expects sales to increase about 4.5 percent with comparable store sales up about 6 percent for the year.

At the end of the second quarter, Home Depot operated 2,258 retail stores in the United States, Virgin Islands, Guam, 10 Canadian provinces and Mexico. Home Depot has rental departments in about 1,280 locations and is ranked No. 4 on the RER 100.