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The recovering housing market coupled with rebounding sales in seasonal categories contributed to Home Depot’s U.S. comparable-store sales increasing by a double-digit percentage in the second quarter, the company said.
Comparable-store sales for the second quarter of fiscal 2013 were up 10.7 percent, and U.S. comp-store sales were up 11.4 percent.
“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.,” Home Depot Chairman and CEO Frank Blake said.
Home Depot also reported sales of $22.5 billion for the second quarter, an increase of 9.5 percent from the same quarter last year. Net earnings for the second quarter this year were $1.8 billion, compared with net earnings of $1.5 billion in the same period of fiscal 2012.
The company now expects sales to be up approximately 4.5 percent with comparable-store sales up approximately 6.0 percent for the year.
At the end of the second quarter, Home Depot operated a total of 2,258 retail stores in the U.S., Canada and Mexico.
