Home Depot Sees Gains in Smaller Projects Amid Sluggish Housing Market

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

The home improvement retailer reported revenue of $47.86 billion, exceeding Wall Street expectations of $47.24 billion, according to FactSet.

Comparable store sales rose 1.7% globally and 1.3% in the US, while customer transactions decreased by 1%. However, the average amount spent per transaction increased to $92.50 from $90.01 last year.

Neil Saunders, managing director of GlobalData, said that 'healthy spending on smaller projects during the quarter is encouraging,' and noted a 1.5% increase in such projects over the prior year.