It was a strong second quarter for The Home Depot as the home improvement retailer reported solid gains in comparable store sales.
For the three months ended July 30, sales were $28.1 billion, a 6.2% increase from the second quarter of fiscal 2016. Comparable store sales were up 6.3%, and comp sales for U.S. stores were positive 6.6%.
Net earnings for the second quarter of fiscal 2017 were $2.7 billion, or $2.25 per diluted share, compared with net earnings of $2.4 billion, or $1.97 per diluted share, in the same period of fiscal 2016. For the second quarter of fiscal 2017, diluted earnings per share increased 14.2% from the same period in the prior year.
“We were pleased with our results this quarter as our customers rewarded us with the highest quarterly sales in company history,” said Craig Menear, chairman, CEO and president, Home Depot. “We also achieved the highest quarterly net earnings in company history. These results were made possible by our hard working associates and the outstanding values brought forth by our supplier partners.”
Based on its year-to-date performance, the company updated its fiscal 2017 sales growth guidance and now expects sales will be up approximately 5.3% and comp sales will be up approximately 5.5%. The company also raised its diluted earnings-per-share growth guidance for the year and now expects diluted earnings-per-share growth of approximately 13% from fiscal 2016 to $7.29.