The housing rebound continued to boost Home Depot, as the home improvement retailer delivered solid net sales and earnings in the second quarter.
For the second quarter, The Home Depot posted net earnings of $2.44 billion, or $1.97 per diluted share, compared with earnings of $2.23 billion, or $1.73 per diluted share, in last year’s period.
Earnings for the quarter matched an analyst average estimate published by MarketBeat.
Comparable store sales advanced 4.7% versus the prior-year quarter. Comp sales for locations in the United States were up 5.4%.
Overall sales gained 6.6% versus the 2015 quarter to $26.47 billion, according to the company. Operating income was $4.1 billion versus $3.65 billion in the quarter a year earlier.
“We had a solid quarter, achieving the highest quarterly sales and net earnings results in company history as housing continues to be a tailwind for our business,” said Craig Menear, Home Depot chairman, president and CEO.
Home Depot operates a total of 2,275 retail stores in all 50 of the United States, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.