Categories AlphaGraphs, Earnings, LATEST, Retail

Home Depot beats Q2 expectations and raises outlook

The Home Depot Inc. (HD) beat market estimates on both revenues and earnings for the second quarter of 2018. The home improvement retailer reported sales of $30.5 billion, up 8.4% from the same period last year. Comparable sales were up 8% while comparable sales in the US were up 8.1%.

Net income was $3.5 billion or $3.05 per diluted share compared to $2.7 billion or $2.25 per diluted share in the prior-year period, reflecting a growth of 35.6% in diluted EPS.

Home Depot updated its guidance for the full year of 2018. The company now expects sales to increase around 7% including the 53rd week, and comp sales to grow around 5.3% for the comparable 52-week period. Home Depot also anticipates diluted EPS to grow approx. 29.2% from fiscal year 2017 to $9.42.

Home Depot second quarter 2018 earnings
Home Depot Q2 2018 Earnings Infographic

At the end of Q2 2018, Home Depot operated a total of 2,286 retail stores in all 50 states, the District of Columbia, Puerto Rico, US Virgin Islands, Guam, 10 Canadian provinces and Mexico.

During Q2, customer transactions increased 3.1% while average ticket saw a growth of 5%. Sales per square foot improved 8.6%. The strength in sales was driven by good weather conditions along with favorable trends in both the housing market and the general economic environment.

Shares rose over 2% in premarket trading following the results announcement.

Related: Home Depot Q2 2018 Earnings Transcript

Related: Home Depot Earnings Preview 

Related: Home Depot Q1 2018 Earnings Infographic

Home Depot first quarter 2018 earnings

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