Home Depot gets a lift from improved housing market

With demand from building contractors rising and consumers beginning to step up investment in their homes, Home Depot said it expects the pace of same-store sales to accelerate in the second half.

The home improvement retailer’s second quarter net income jumped 16.7% to $2.1 billion, or $1.52 per share for the quarter ended Aug. 3. Sales rose 5.7% to $23.8 billion. Consolidated comps climbed 5.8%, with same-store sales for the U.S. operation up 6.4%.

"In the second quarter, our spring seasonal business rebounded, and we saw strong performance in the core of the store and across all of our geographies," said Frank Blake, chairman and ceo.

Home Depot also boosted its guidance for the fiscal year. The company now expects a 4.8% in sales and a 20% jump in earnings per share to $4.52.

Source : Home Textiles Today