Home Depot roars back in the second quarter

A Home Depot delivery truck drives on Wall St. in New York

Home Depot sales have accelerated more broadly thanks to a strong housing market in the USA and economic tailwinds. "We feel very positive about the strength of the home improvement sector and the customers' willingness to spend". Home equity values have increased over 120 percent since 2011 in the United States, about $73,000 per owner in terms of equity, he said. "Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations", CEO Craig Menear said in a statement.

Home Depot raised its full-year earnings forecast to $9.42 per share from $9.31.

Home Depot handily beat expectations during the second quarter, bouncing back from a slow start to the year when awful weather cooled construction projects. That a much bigger per-share profit than the $2.84 that Wall Street was looking for, according to analysts surveyed by Zacks Investment Research. Home Depot now forecasts revenue to grow approximately 7 percent in 2018, up from previous projections of 6.5 percent, with same-store sales inching higher to 5.3 percent from 5 percent for the year. Revenue was $30.5 billion.

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Sales at stores open at least a year, a key indicator of a retailer's performance, surged 8 percent, and 8.1 percent in the U.S.

Home Depot shares, which have risen 25 percent in the past 12 months, added 0.4 percent to $194.94.



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