Home Depot Crushes Expectations with Strong Q2 Sales Growth

Home Depot posted stronger-than-expected second-quarter sales growth and comparable-sales gains across much of its business, despite continued pressure on larger discretionary home-improvement projects.

The company's sales rose 5.7% from a year earlier to $47.9 billion, while total comparable sales increased 1.7%, with U.S. comparable sales rising 1.3%. Adjusted diluted earnings per share increased 5.1% to $4.92, from $4.68 in the prior-year quarter.

Chief Financial Officer Richard McPhail attributed the results to 'broad-based demand and execution by the company’s teams.' He noted that the Northern and Western U.S. divisions posted positive comparable sales, while Canada and Mexico also recorded positive comps.