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For HD, a rebound and a record Q2

The Home Depot reports a first-ever $30 billion quarter.

BY HBSDealer Staff

After early selling season weather disruptions, The Home Depot said it fully expected to rebound in the second quarter, and it did. In big way.

The Atlanta-based company reported domestic comparable store sales of positive 8.1%, the highest in more than two years. Its total company comps of 8.0% were the highest since the second quarter of 2015.

Home Depot reported total sales of $30.5 billion for the quarter, crossing the $30 billion mark for the first time in any three-month period. Sales increased 8.4% from the same quarter last year. Net earnings increased 31.2% to $3.5 billion.

“We were very pleased with our record second quarter sales and earnings. Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations,” said Craig Menear, chairman, CEO and president. “These results exemplify the outstanding execution of our combined team of store associates, merchants, suppliers and supply chain.”

Based on the strong second quarter results, the company raised its guidance on performance metrics. It now expects sales will grow 7.0% for the year, with comp-store sales of about 5.3%.

During the quarter, Home Depot increased its store count by one unit, to a total of 2,286 stores.

Big-box rival Lowe’s will report its second quarter results Aug. 22.

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