Home Depot's Sales Surge on Smaller Projects Amid Slumping Housing Market

Home Depot's second-quarter sales saw an improvement due to customers focusing on smaller projects during the summer months. Revenue rose to $47.86 billion from $45.28 billion, surpassing Wall Street's forecast of $47.24 billion.

The company reported a 1.7% increase in globally comparable store sales and a 1.3% rise in U.S. comparable store sales. Customer transactions dropped by 1%, but the average spending per receipt increased to $92.50 from $90.01 last year.

Neil Saunders, managing director of GlobalData, noted that smaller projects are gaining traction, with a 1.5% increase over the prior year. However, bigger-ticket projects remain affected by concerns around financing and low moving activity.