Home Depot tops earnings forecasts as sales surge in second quarter
Shares of Home Depot Inc. HD, +2.74% surged 2.4% into record territory in premarket trading Tuesday, after the retailer reported a fiscal second-quarter profit that rose above expectations, as sales jumped 23.4% to a record to beat forecasts by a wide margin. Net income for the quarter to Aug. 2 grew to $4.33 billion, or $4.02 a share, from $3.48 billion, or $3.17 a share, in the year-ago period. The FactSet consensus for earnings per share was $3.68. Sales climbed to $38.05 billion from $30.
same-store sales growth of 25% was more than double expectations of a 12.0% rise.""The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment," said Chief Executive Craig Menear.
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