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The Home Depot (NYSE: HD), Atlanta, Georgia, reported sales of $30.8 billion for the second quarter of fiscal 2019, a 1.2% increase from the same period a year ago. Net earnings for the fiscal second quarter were $3.5 billion, flat over the year-ago period.
Sales for the first six months increased 3.3% to $57.2 billion. Net earnings increased 1.4% to $6 billion.
“We are encouraged by the momentum we are seeing from our strategic investments and believe that the current health of the U.S. consumer and a stable housing environment continue to support our business,” said Craig Menear, chairman, CEO and president.“That being said, lumber prices have declined significantly compared to last year, which impacts our sales growth. As a result, today we are updating our sales guidance to account primarily for continued lumber price deflation, as well as potential impacts to the U.S. consumer arising from recently announced tariffs. We are reaffirming our earnings-per-share growth guidance for fiscal 2019.”