ATLANTA—The Home Depot has posted strong results for its second quarter, ending July 31, with sales of US$26.5 billion, a 6.6% increase over the previous year. Net earnings were $2.4 billion U.S., or $1.97 per diluted share, compared with net earnings of $2.2-billion or $1.73 per diluted share in the same period last year. Diluted earnings per share were up 13.9% over 2015.
Sales at stores open more than a year were up 5.4% in the U.S. and 4.7% when stores in Mexico and Canada were included in the calculation. According to Home Depot, it was the company’s 19th consecutive quarter of positive same-store-sales in Canada.
The increase in same-store sales was driven by pricey purchases, such as air-conditioning, heating, appliances, and roofing. Online sales were also up by 19%, experiencing a bump especially around Amazon Prime Day. Experts say the increases may be attributable to a recovering housing market in the United States. HARDLINES Editor Michael McLarney told the Toronto Star he believes pent-up demand, post-recession is helping drive home improvement sales. “It’s cheaper than a vacation to stay home and paint your house.”
