Home Depot Sales Edge Up Amid Slumping Housing Market

Home Depot reported improved sales in its second quarter as customers focused on smaller projects during the summer months, despite the US housing sector being in a slump.

The company's revenue increased to $47.86 billion from $45.28 billion, exceeding Wall Street expectations of $47.24 billion, according to FactSet.

Globally, sales at stores open for at least a year rose 1.7%, while in the US, comparable store sales climbed 1.3%.

Chief Financial Officer Richard McPhail attributed the growth to broad-based demand across the business, with customers engaging in smaller projects.

Neil Saunders of GlobalData noted that spending on smaller projects increased by 1.5%, while bigger-ticket projects fell by 2.1% due to financing concerns and low moving activity.