Home Depot Sales Lifted by Smaller Projects Amid US Housing Slump
Home Depot's sales improved during its fiscal second quarter as customers focused on smaller projects amidst a sluggish US housing market. Revenue rose to $47.86 billion, surpassing analysts' expectations of $47.24 billion.
The company's comparable store sales increased 1.7% globally and 1.3% in the US. Customer transactions declined 1%, but average receipts rose to $92.50 from $90.01 a year earlier.
Chief Financial Officer Richard McPhail stated, 'Our second quarter results exceeded our expectations.' He attributed this to broad-based demand across the business as customers engaged in smaller projects.
Home Depot announced the launch of express delivery nationwide, with orders arriving within three hours or less for a small flat fee. The service is available without subscription or membership requirements.