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

Home Depot's sales have improved in its second quarter, thanks to customers focusing on smaller projects amidst the ongoing US housing market slump.

The retailer reported revenue of $47.86 billion, surpassing Wall Street's expectations of $47.24 billion.

Globally, comparable store sales rose 1.7%, while in the US they increased by 1.3%.

Chief Financial Officer Richard McPhail attributed this growth to customers engaging in smaller projects, stating 'We saw broad-based demand across the business as customers continued to engage in smaller projects.'

Despite the positive numbers, Neil Saunders of GlobalData pointed out that larger-ticket project sales remain down by 2.1%, attributing this to financing concerns and a previous lack of moving activity.