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Home Depot profit rises in Q2
Atlanta -- The Home Depot reported Tuesday that profit for the second quarter rose to $1.5 billion from $1.4 billion in the same quarter last year.
Sales edged up 1.7% to $20.6 billion, and same-store sales climbed 2.1% overall and 2.6% in the U.S.
"As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter," said Frank Blake, Home Depot chairman and CEO. "But we saw continued demand for core products and delivered second-quarter earnings above our expectations."
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Earnings jump 12.4% at Home Depot
Home Depot Tuesday reported sales of $20.6 billion for the second quarter of 2012, a 1.7% increase from the second quarter of fiscal 2011. Comparable sales for U.S. stores were positive 2.6%, and overall same-store sales for the second quarter were positive 2.1%.
Net earnings for the world’s largest home improvement retailer were $1.53 billion for the second quarter, which ended July 29. This compares with net earnings of $1.36 billion in the same period a year ago, reflecting a 12.4% increase.