Home Depot (NYSE: HD) announced second-quarter earnings and revenue on Tuesday that surpassed analysts’ expectations amid strong demand for home improvement projects. The company maintained its forecast for total and comparable sales to rise 3% for the year, and for comparable sales to slow down within the second half of the year.
The multinational home improvement retail corporation reported earnings of USD5.05 per share, compared to the expected USD4.94 a share. Revenue amounted to USD43.79 Billion, slightly higher than analysts anticipated USD43.36 Billion.
“In the second quarter, we delivered the highest quarterly sales and earnings in our company’s history,” said Ted Decker, CEO, and president. “Our performance reflects continued strength in demand for home improvement projects. Our team has done a fantastic job serving our customers while continuing to navigate a challenging and dynamic environment. I would like to thank them and our many partners for their hard work and dedication to our customers.”
During the quarter ended July 31, customer transactions plummeted down to 467.4 million, from the previous year’s 481.7 million. Additionally, the average ticket amount grew 9% from USD82.48 to USD90.02. It’s noted that professional contractors usually buy in higher quantities and with less frequency.
“During the second quarter, both pro and DIY sales growth was positive, with pro outpacing DIY,” noted Jeff Kinnaird, the executive vice president of merchandising, during the earnings call.