A pair of home improvement records were broken in Home Depot's second quarter. The Atlanta-based retail giant set new highs for quarterly sales and net earnings.
In the three months ended July 30, Home Depot reported net sales of $28.1 billion, up 6.2% from $26.5 billion in the same quarter last year. U.S. store comps were positive 6.6%. Net earnings increased to $2.67 billion, up from $2.44 billion in the second quarter 2016. That's a 9.5% increase, over the previous record.
Home Depot CEO Craig Menear said the performance reflected the hard work of associates and the "outstanding values brought frorth by our supplier partners."
Based on the year-to-date numbers, the company raised its financial expectations -- expectations now call for a 5.5% annual growth in comp-store sales.
The company added 1 new store in the quarter, pushing its footprint to 2,282 stores.