Home Depot Sees Quarterly Sales Bump Amid Slowing Housing Market

Home Depot's quarterly sales have seen an improvement, thanks to customers focusing on smaller projects during the summer months in a sluggish U.S. housing market.

The company's revenue rose to $47.86 billion from $45.28 billion, exceeding Wall Street's expectation of $47.24 billion, according to a survey by FactSet.

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

Chief Financial Officer Richard McPhail attributed this growth to 'broad-based demand across the business as customers continued to engage in smaller projects.'

Neil Saunders, managing director of GlobalData, noted that while the number of bigger-ticket projects remains down by 2.1%, the increase in smaller projects is a step change from previous periods.