The Home Depot today announced its second-quarter 2018 financial results, citing sales increases due to a boost in activity among DIYers and contractors.
The big-box home improvement chain earned $30.5 billion in sales during the second quarter of fiscal 2018, which is an 8.4 percent increase over the same period in 2017. Overall, the company’s net earnings for the second quarter were $3.5 billion.
Home Depot also announced it processed more than 455 million customer transactions, a 3.1 percent increase over the same period in 2017. The average ticket was $66.20, a 5 percent increase over 2017’s second-quarter levels.
The company credited vinyl plank flooring, appliances and sales from pro customers as “big ticket drivers” this quarter. It also reported a 26 percent increase in online sales.
“We were very pleased with our record second quarter sales and earnings. Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations,” says Craig Menear, chairman, CEO and president of Home Depot. “These results exemplify the outstanding execution of our combined team of store associates, merchants, suppliers and supply chain.”
While the company expects sales to continue to increase, an increase in home improvement spending may tie back to the sharp decline in new construction, as it has reduced the number of home available to a growing population, The Wall Street Journal reports.
In June, Home Depot announced plans to spend $11 billion on “internal improvements,” including constructing more distribution centers and adding in-store pickup lockers for customers to collect online orders. The addition of the pickup lockers will help the company continue keep Amazon at bay, The Wall Street Journal reports.
Atlanta-based Home Depot operates nearly 2,300 retail locations in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs nearly 400,000 workers.