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Q2 2022 financials

Q2 2022 Big-Box Financials Round-Up

See how several home improvement and other big-box retailers performed in the second quarter of 2022 with a round-up of financial reports released this week.

The Home Depot

The Home Depot reported sales of $43.8 billion for the second quarter of 2022, an increase of $2.7 billion, or 6.5% from the second quarter of 2021. Comparable sales for Q2 increased 5.8%, and comparable sales in the U.S. increased 5.4%.

Net earnings for 2022 were $5.2 billion, or $5.05 per diluted share, compared with net earnings of $4.8 billion, or $4.53 per diluted share, in the same period of 2021, representing an 11.5 percent increase in diluted earnings per share.

“In the second quarter, we delivered the highest quarterly sales and earnings in our company’s history,” says Ted Decker, CEO and president. “Our performance reflects continued strength in demand for home improvement projects. Our team has done a fantastic job serving our customers while continuing to navigate a challenging and dynamic environment. I would like to thank them and our many partners for their hard work and dedication to our customers.”


Lowe’s Companies reported net earnings of $3.0 billion, in line with prior-year results, and diluted earnings per share (EPS) of $4.67 for Q2, compared to diluted EPS of $4.25 in the second quarter of 2021.

Total sales for the second quarter were $27.5 billion compared to $27.6 billion in the second quarter of 2021, and comparable sales decreased 0.3%. DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13% increase in pro customer sales.

“I am pleased that our team drove operating margin improvement and effectively managed inventory despite lower-than-expected sales—a clear reflection of our relentless focus on operating discipline and productivity,” says Marvin R. Ellison, Lowe’s chairman, president and CEO. “Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit pro growth for the ninth consecutive quarter.  Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share. To help our hourly front-line associates during this period of high inflation, we are awarding an incremental bonus of $55 million. I’d like to thank our associates for their continued hard work and dedication.”


Target reported comparable sales growth of 2.6%, on top of the 8.9% growth last year, which reflected 2.7% traffic growth and continued strength in food and beverage, beauty and household essentials. Store comparable sales were up 1.3% and the company recorded total revenue of $26.0 billion, up 3.5 percent compared with last year. Operating income was $321 million in the second quarter of 2022, down 87.0 percent from $2.5 billion in 2021, reflecting a decline in the Company’s gross margin rate.

“I’m really pleased with the underlying performance of our business, which continues to grow traffic and sales while delivering broad-based unit-share gains in a very challenging environment,” says Brian Cornell, chairman and chief executive officer of Target Corporation. “I want to thank our team for their tireless work to deliver on the inventory rightsizing goals we announced in June. While these inventory actions put significant pressure on our near-term profitability, we’re confident this was the right long-term decision in support of our guests, our team and our business. Looking ahead, the team is energized and ready to serve our guests in the back half of the year, with a safe, clean, uncluttered shopping experience, compelling value across every category, and a fresh assortment to serve our guests’ wants and needs.”

Tractor Supply Company

In the second quarter of 2022, Tractor Supply Company saw an increase of 8.4% in net sales to $3.9 billion, compared to $3.6 billion in the same quarter last year. The company also saw a bump of 5.5% in comparable store sales, driven by comparable average ticket growth of 7.5%, and diluted earnings per share (EPS) jumped 10.7% to $3.53.

Gross profit increased 7.7% to $1.39 billion from $1.29 billion in the prior year’s second quarter, and gross margin decreased 24 basis points to 35.5% from 35.8% in the prior year’s second quarter.

“Tractor Supply had a strong second quarter that was in line with our expectations with record results on both sales and earnings. Our team’s outstanding focus on serving our customers with the products and services they need to live the Out Here lifestyle allowed us to capture broad-based market share during the quarter,” says Hal Lawton, Tractor Supply’s president and chief executive officer. “Given the strong performance in the first half of the year, ongoing consistency of our sales performance, visibility into our cost structure and the quality of our inventory, we are raising our financial outlook for the full year. We believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time, despite our outlook for a highly inflationary and volatile environment. Looking ahead, we will continue to focus on controlling what we can control while making investments in our Life Out Here strategy to strengthen our business and create long-term value for our shareholders.”

During the second quarter of 2022, the Company opened 13 new Tractor Supply stores.


For Q2 2022, Walmart U.S. grew comp sales by 6.5% and eCommerce was up 12%. Total revenue was $152.9 billion, up 8.4% and Walmart’s International net sales were $24.4 billion, an increase of $1.3 billion, or 5.7%, negatively affected by $1.0 billion from currency fluctuations.

“We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending,” says Doug McMillon President and CEO of Walmart. “The actions we’ve taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on the profit margin for Q2 and our outlook for the year. We made good progress throughout the quarter operationally to improve costs in our supply chain, and that work is ongoing. We continue to build on our strategy to expand our digital businesses, including the continued strength we see in our international markets.”


PPG reported a record second-quarter net sales of $4.7 billion, nearly 8% higher than the year before. The company also saw organic sales growth of 8%, driven by higher selling prices, which saw an increase of 15% on a two-year stack basis. Raw material costs were up 20% year over year. Reported earnings per diluted share from continuing operations (EPS) were $1.86 with an adjusted EPS of $1.81.

“For the seventh consecutive quarter, we delivered record quarterly sales driven by our continued implementation of real-time selling price increases to fully counter inflation and we benefitted from our recent acquisitions. Our sales growth was achieved despite softening consumer demand in Europe, significant COVID-19-related demand disruptions in China and unfavorable currency translation,” says Michael H. McGarry, PPG chairman and chief executive officer. “Looking ahead, in most major regions and end-use markets underlying demand for PPG products is expected to remain solid. Importantly, we expect that our sequential quarterly momentum on operating margin improvement will continue in the third quarter as we work back to our historical margins, and our adjusted earnings will increase on a year-over-year basis. Finally, I want to thank all our global employees who continue to demonstrate The PPG Way by partnering with our customers across the world to create mutual value, providing excellent service every day.”


For the Q2 of 2022, Sherwin-Williams recorded a consolidated net sales increase of 9.2% to $5.87 billion. Consolidated net sales increased primarily due to selling price increases in all segments, higher professional architectural sales volume in North American paint stores and higher sales volumes in our packaging and coil businesses.

Net sales from stores in the U.S. and Canada that were open for more than 12 calendar months increased 6.4% during Q2. Diluted net income per share decreased to $2.21 per share in the quarter compared to $2.42 per share in the second quarter of 2021.

“Demand remained strong during the second quarter in The Americas Group and the Performance Coatings Group, as both groups delivered sales within our guidance,” says chairman and chief executive officer, John G. Morikis. “Speaking to trends in the business since our June 8th investor day, pro architectural demand in The Americas Group accelerated as the quarter progressed and has meaningfully strengthened further in July. Similarly, Performance Coatings Group demand remained strong through the quarter in North America, the Group’s largest region, and this strong demand has also continued into July. Conversely, the slower North America DIY demand trend we previously described in Consumer Brands Group did not improve and we experienced tight supply in certain resins, in particular alkyd resins, which significantly impacted our North America nonpaint sales.”

About Lindsey Thompson

Lindsey joined the NHPA staff in 2021 as an associate editor for Hardware Retailing magazine. A native of Ohio, Lindsey earned a B.S. in journalism and minors in business and sociology from Ohio University. She loves spending time with her husband, two kids, two cats and one dog, as well as doing DIY projects around the house, going to concerts, boating and cheering on the Cleveland Indians.

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