Home Depot's Repair Business Proves Resilient Amid Sluggish Housing Market

Home Depot's second-quarter sales and profit beat Wall Street estimates due to strong demand from customers for repair and maintenance work. The housing market remains sluggish, with stubbornly high interest rates forcing homeowners to cut back on large home-improvement projects.

The company reported a 5.7% increase in sales to $47.86 billion, exceeding expectations of $47.27 billion. Comparable sales rose 1.3% in the U.S., their best gain since the third quarter of 2022.

Home Depot has been expanding its professional business by targeting contractors and builders through acquisitions such as SRS Distribution and GMS. The segment accounts for about half of its annual sales.