Home Depot roars back in the second quarter

15 Августа, 2018, 12:09 | Auteur: Auguste Feret

The world's biggest home improvement retailer boosted its full-year profit and revenue forecasts Tuesday.

Consumers are investing in their homes, even as higher mortgage rates and rising real estate prices have hurt home sales this summer.

Shares of the No. 1 US home improvement chain, up 25 percent in the past 12 months, rose almost 1 percent to $196 in premarket trading.

Net sales rose 8.4 percent to $30.5 billion, beating expectations of $30.03 billion.

The home improvement supplies retail giant's market cap has grown to $223.9 billion, with its share price jumping almost 25 percent since a year ago.

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Sales at Home Depot stores open for more than a year climbed 8 percent, beating the average analyst estimate of a 6.65 percent rise, according to Thomson Reuters I/B/E/S.

Home Depot suffered a rare subpar performance when it reported first-quarter earnings in May. It's been a different story for the three-month period that ended July 29, with temperatures heating up along with the job market.

Home Depot Chief Executive Officer Craig Menear sought to allay those concerns, saying the USA economy and the factors that drive home-improvement spending remained strong.

Home Depot also raised its earnings target to $9.42 a share from its earlier forecast of $9.31 a share. Same-store sales jumped 8.1 percent in the USA and 8 percent globally.

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