Home Depot's Summer Sales Soar on Smaller Projects

Home Depot's second-quarter sales exceeded expectations due to customers focusing on smaller projects over the summer. Revenue for the Atlanta-based company reached $47.86 billion, surpassing the predicted $47.24 billion by Wall Street analysts.

The retailer reported a 1.7% increase in global sales at stores open at least a year and a 1.3% rise in comparable store sales within the US. Chief Financial Officer Richard McPhail stated, 'Our second quarter results exceeded our expectations.'

Customer transactions declined by 1%, but average receipts increased to $92.50 from $90.01 the previous year.