Dow component Home Depot on Tuesday reported a second-quarter profit of $3.05 per share, topping analysts' estimate for $2.84 as the home improvement retailer benefited from a strong economy and increased consumer spending.
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Revenue was $30.5 billion, beating Wall Street's expectation for $30.02 billion. US same-store sales rose 8.1%.
The company also raised its full-year sales and earnings target.
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Home Depot reported earnings of $2.25 a share on revenue of $28.11 billion in the year-ago quarter, both topping estimates.
Last quarter, the home improvement retailer delivered mixed results, with sales falling short.
“We were very pleased with our record second quarter sales and earnings,” said Craig Menear, Chairman, CEO and President. “Not only did our seasonal business rebound from the first quarter, but our overall results exceeded expectations.”