Strong quarter for Home Depot
Home Depot’s net earnings crossed the $2 billion mark in the second quarter, as spring business for the world’s largest home improvement retailer rebounded along with core departments.
Net earnings of $2.050 billion were up 14.2% from the same quarter last year. Net sales rose 5.7% to $23.811 billion. Comparable store sales were positive 5.8% — and positive 6.4% for U.S. stores.
"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," said Frank Blake, chairman and CEO.
At the end of the quarter, the Home Depot store-count tally stood at 2,264.
With the strong numbers, the company raised its earnings-per-share guidance for the full year. It now looks for earnings per share to be up about 20.2% to $4.52. The Home Depot also maintained its previously released sales guidance for the fiscal year of 4.8% growth.
Dixon brand makes North American exit
Husqvarna Group division Husqvarna Professional Products has announced its decision to discontinue the Dixon brand name in North America.
That means Dixon’s zero-turn mowers, walk-behind mowers and tractors will bow out from the market, though Husqvarna plans to manufacture similar products under alternative brands.
"The decision to phase out the Dixon brand is part of the Husqvarna Group’s strategic plan, a strategy that seeks to reduce operational complexity, improve efficiency and give additional focus to the consumer," said Jeff Dewosky, VP dealer sales, Husqvarna.
As of the end of this year, the distribution of products under the Dixon brand name will cease in North America, but will continue internationally for the time being. The company will continue to process Dixon warranty claims and provide service parts for a period of time.
No jobs are expected to be lost in the transition, nor does Husqvarna expect a radical change in its financial standing.