Home Depot Sales Boosted by Smaller Projects Amid Slumping US Housing Market

Home Depot's quarterly sales have improved due to customers focusing on smaller projects during the summer months, despite the US housing sector being in a slump.

The company reported revenue of $47.86 billion for the second quarter, surpassing Wall Street's expectation of $47.24 billion.

Chief Financial Officer Richard McPhail attributed the growth to 'broad based demand across the business' as customers continued to engage in smaller projects.

Neil Saunders, managing director of GlobalData, noted that the number of smaller projects increased by 1.5% over the prior year, but warned that bigger-ticket projects remain down due to concerns around financing and a lack of moving activity.