Home Depot Beats Estimates as Customers Opt for Smaller Projects

Home Depot beat Wall Street estimates for its second-quarter sales and profit, driven by strong demand from customers for repair and maintenance work.

The retailer's sales increased 5.7% to $47.86 billion in the three months ended August 2, topping expectations of $47.27 billion, according to data compiled by LSEG.

Home Depot has managed to thrive despite a sluggish housing market, with customers opting for smaller projects such as painting and yard upkeep due to high interest rates and rising home prices.

The company's CEO, Ted Decker, is taking a temporary medical leave of absence, but the company stuck to its annual sales and profit forecasts and expects tariff refunds to offset higher-than-expected fuel and input costs.