Home Depot Sales Lifted by Smaller Projects Amid Slumping Housing Market

Home Depot reported improved sales in its second quarter as customers focused on smaller projects due to the ongoing slump in the U.S. housing market.

Revenue rose to $47.86 billion, surpassing Wall Street's expected $47.24 billion, according to a FactSet survey.

Globally, comparable store sales increased 1.7%, while in the U.S., they rose 1.3%.

Chief Financial Officer Richard McPhail stated that 'we saw broad-based demand across the business as customers continued to engage in smaller projects.'

Neil Saunders of GlobalData noted a 'step change' from previous periods, with a 1.5% increase in smaller projects, but also pointed out that bigger-ticket projects remain down due to concerns around financing.