Home Depot Surpasses Expectations with Strong Q2 Sales Growth

Home Depot reported its second-quarter results beat expectations as customers pursued smaller home improvement projects. The company's net sales of $47.9 billion for the quarter, up 5.7% from the same period last year, exceeded analyst estimates.

However, Home Depot's cost of sales grew 5.3% from the same period last year, which offset some of the gains in revenue. The company's net income increased to nearly $4.8 billion in the second quarter, up 4.7% from last year.

The results come as a relief for Home Depot, which had seen its profit dip in the previous quarter. As an economic bellwether, its financial results are closely watched as a gauge of consumer spending and the housing market, both of which remain under pressure.