Home Depot Beats Expectations on Small Projects Amid High Mortgage Rates

Home Depot reported strong sales in its second quarter, beating expectations as customers continued to prioritize smaller home improvement projects amidst high mortgage rates and home prices.

The company's total sales rose 5.7% from a year ago to $47.9 billion, with comparable sales increasing 1.7%. US comparable sales climbed 1.3%, while the average ticket price per transaction grew 2.8% to $92.50.

Home Depot Chief Financial Officer Richard McPhail attributed the success to broad-based demand across the business as customers engaged in smaller projects, despite the challenging housing market.