Home Depot Q2 profit surges 14%

Atlanta -- Home Depot said its fiscal second-quarter net income rose 14% amid a rebound in its spring selling season and strong online sales. The retailer also raised its annual profit guidance.



"In the second quarter, our spring seasonal business rebounded, and we saw strong performance in the core of the store and across all of our geographies," stated Frank Blake, chairman and CEO.



For the three months ended Aug. 3, Home Depot Inc. earned a better-than-expected $2.1 billion, compared to $1.8 billion in the year-ago period.



Revenue rose 5.7% to $23.8 billion, from $22.5 billion. Same-store sales rose 5.8%; same-store sales in the United States were up 6.4%.



Home Depot's online sales increased 38% in the second quarter, and were "well ahead of expectations," Blake said on the chain’s earnings all.