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Spring Performance Strengthens Home Depot Q2

The Home Depot has reported sales of $23.8 billion for the second quarter of fiscal 2014, ended August 3, a 5.7% increase from the second quarter of fiscal 2013. Comparable store sales for the second quarter were up 5.8%, and comp sales for stores in the United States were up 6.4% versus the period last year.

Net earnings for the second quarter were $2.1 billion, or $1.52 per diluted share, compared with net earnings of $1.8 billion, or $1.24 per diluted share, in the same period of fiscal 2013. For the second quarter of fiscal 2014, diluted earnings per share increased 22.6% from the same period in the prior year.

“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.

Regarding its fiscal year 2014 guidance, Home Depot said it expected fiscal 2014 sales to be up approximately 4.8% from fiscal 2013. Based on its second quarter performance and its outlook for the year, the company raised its fiscal 2014 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 20.2% to $4.52 for the year. This earnings-per-share guidance includes the benefit of the company’s year-to-date share repurchases of $3.5 billion and the company’s intent to repurchase an additional $3.5 billion of shares over the remainder of the year.

At the end of the second quarter, the Home Depot operated a total of 2,264 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.