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HCN Stock Watch: Recovery in full force

BY HBSDEALER Staff

Tuesday’s stocks bounced back with nearly unanimous gains after a days-long slump; Home Depot was the only one in the red with a 1.22% lag.

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Depot’s top merchant points to sales wins

BY Ken Clark

The Home Depot saw positive comps in all of its departments during the second quarter, which was described by executives as one of the best quarters in the company’s recent history.

Craig Menear, executive VP of merchandising pointed to four key factors for the success: strong summer events, a recovering seasonal business, commodity inflation and strength across the remainder of the store.

Some areas did better than others. During the company’s second quarter earnings call, Menear listed those departments that scored double-digit positive comps: kitchens, indoor garden, lumber, outdoor garden, lighting, electrical and flooring. 

"Our seasonal business exceeded our plan as spring finally kicked into gear in the second quarter," he said. 

There was also good news on the big-ticket front. Strong sales in appliances,riding mowers, flooring and pro business pushed transactions for tickets over $900 up 15.5% in the quarter. These big ticket sales represent about 20% of Home Depot’s U.S. sales. 

Looking into the third quarter, Menear called out several products that will play into its innovation at retail approach to merchandising: Behr Premium Deckover wood and concrete coating, LED 90-watt equivalent flood lights from Cree and DAP Smartbond adhesive foaming gel for pro customers.

Also for the pro, Menear mentioned Homedepot.com will offer a new line of fully welded Husky steel cabinets. 

 

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Lowe’s reports big second-quarter gains

BY HBSDealer Staff

Mooresville, N.C.-based Lowe’s Cos. reported second-quarter sales of $15.7 billion, up 10.3% from $14.2 billion in the same quarter last year.

Comp-store sales for the world’s second-largest home improvement retailer were up 9.6%, as net earnings jumped 16.2% to $1.48 billion.

"Home improvement demand was strong during the quarter, and we capitalized on it with improving execution," said Lowe’s CEO Robert Niblock. He added: "We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories."

The report follows by a day that of rival Home Depot, which posted a 10.7% comp-store sales gain.  

Lowe’s said it expects full year total sales to increase about 5%. It also expect to open 10 stores in fiscal 2013.

As of Aug. 2, Lowe’s had 1,758 stores in North America. 

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