Earnings Jump 12.4% At Home Depot

Home Depot reported sales of $20.6 billion for the second quarter of 2012, a 1.7% increase from the second quarter of fiscal 2011.  Comparable sales for U.S. stores were positive 2.6%, and overall same-store sales for the second quarter were positive 2.1%.

Net earnings for the world's largest home improvement retailer were $1.53 billion for the second quarter, which ended July 29.  This compares with net earnings of $1.36 billion in the same period a year ago, reflecting a 12.4% increase.

"As expected, second quarter sales reflected the pull forward of seasonal activity into the first quarter," said Frank Blake, chairman and CEO.  "But we saw continued demand for core products and delivered second quarter earnings above our expectations."

The Atlanta retailer expects fiscal 2012 sales will increase approximately 4.6% from the prior year on a 53 week basis.

At the end of the second quarter, Home Depot operated a total of 2,255 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and Canada.

Source:  retailingtoday.com