Home Depot’s 2Q Sales Increase 8.1%

Home Depot’s latest results showed that sales to its DIY customers tapered off in 2Q as customers returned to outdoor activities.
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The Home Depot Inc. (NYSE: HD), Atlanta, Georgia, reported second-quarter net sales of $41.1 billion, an increase of 8.1% from last year’s second quarter. Home Depot earned $4.8 billion, or $4.53 per share, in the quarter compared to $4.3 billion, or $4.02 per share, a year ago.

While the company’s earnings exceeded Wall Street’s expectations, its second-quarter results showed there has been a slight decrease in traffic by DIY buyers compared to last year when home building projects took off during the pandemic. Customer traffic was down 6% in 2Q

On the flip side, customers spent more during their 2Q shopping trips to the stores, which likely was a reflection of professional contractors buying more materials due to the residential housing construction boom.

The Home Depot’s same-store sales growth, which measured how well locations that were open at least a year were doing, rose just 3.4% in the U.S., which was down significantly from the first quarter. Wall Street had expected same-store sales of 5.4%, according to FactSet.

The Home Depot reported 481.7 million customer transactions, down nearly 6% from the same quarter a year ago.

“I am very proud of our associates, who continue to demonstrate a relentless focus on serving our customers,” said Craig Menear, chairman and CEO. “As a result of their efforts, we achieved a milestone of over $40 billion in quarterly sales for the first time in Company history. I would like to extend my sincere appreciation to our team, as well as our supplier and supply chain partners, as they continue to operate in this dynamic and challenging environment.”

The company didn’t provide a full-year outlook.

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