Home Depot Sales Rise on Smaller Projects Amid Higher Borrowing Costs

Home Depot's sales showed signs of improvement in its second quarter as customers focused on smaller projects during the summer months. Revenue increased to $47.86 billion from $45.28 billion, beating Wall Street expectations.

The company reported a 1.7% increase in global sales at stores open at least a year, and 1.3% growth in comparable store sales in the US.

Chief Financial Officer Richard McPhail said customers continued to engage in smaller projects, which is encouraging, according to Neil Saunders of GlobalData. However, bigger-ticket project sales remain down by 2.1% over last year due to concerns around financing and a previous lack of moving activity.