The Home Depot earnings and sales in the second quarter of 2018 both increased over the same period last year.
According to the company’s press release, sales were $30.5 billion for the second quarter of 2018, representing an 8.4 percent increase from the same period in 2017.
Earnings increased also. “Net earnings for the second quarter of fiscal 2018 were $3.5 billion, or $3.05 per diluted share, compared with net earnings of $2.7 billion, or $2.25 per diluted share, in the same period of fiscal 2017. For the second quarter of fiscal 2018, diluted earnings per share increased 35.6 percent from the same period in the prior year,” the company reported in the press release.
Home Depot CEO pleased with second-quarter report
“We were very pleased with our record second-quarter sales and earnings. Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations”These results exemplify the outstanding execution of our combined team of store associates, merchants, suppliers and supply chain,” said Craig Menear, The Home Depot’s chairman, CEO and president.
Home Depot earnings and sales guidance increased for the year
Because of better-than-expected growth in second-quarter sales and earnings, the company updated its projections for the year.
“Based on its year-to-date performance, the Company updated its fiscal 2018 sales growth guidance and now expects sales will be up approximately 7.0 percent including the 53rd week, with comp sales growth of approximately 5.3 percent for the comparable 52-week period. The Company also raised its diluted earnings-per-share growth guidance for the year and now expects diluted earnings-per-share growth of approximately 29.2 percent from fiscal 2017 to $9.42. The Company’s diluted earnings-per-share growth guidance includes $6 billion of share repurchases for fiscal 2018.”
The Home Depot is a home improvement retailer founded by Arthur Blank and Bernard Marcus. It opened its first stores in 1979. all in the Atlanta area. By 1990 it had expanded to 145 stores. In 1993 the corporate headquarters moved to its Cobb County location on Paces Ferry Road in Vinings. As of January, the company operated 2,284 stores in the U.S., Canada, Mexico, and U.S. territories.
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