Net income remained flat year-over-year at $3.5 billion. Diluted EPS grew 3.9% to $3.17 versus last year, beating estimates of $3.09.
Craig Menear, Chairman, CEO and President, said, “We
are encouraged by the momentum we are seeing from our strategic investments and
believe that the current health of the US
consumer and a stable housing environment continue to support our business.
That being said, lumber prices have declined significantly compared to last
year, which impacts our sales growth. As a result, today we are updating our
sales guidance to account primarily for continued lumber price deflation, as
well as potential impacts to the US
consumer arising from recently announced tariffs. We are reaffirming our
earnings-per-share growth guidance for fiscal 2019.”
During the quarter, customer transactions remained flat year-over-year at 455.5 million. Average ticket grew 1.7% to $67.31 while sales per square foot rose 1.1% to $509.55 versus the prior-year period.
At the end of the second quarter, Home
Depot operated a total of 2,291 retail stores in all 50 states, the District
of Columbia, Puerto
Rico, US
Virgin Islands, Guam, 10 Canadian provinces and Mexico.
Home Depot updated its guidance for
fiscal 2019, a 52-week year compared to fiscal 2018, a 53-week year, and now expects
sales to grow approx. 2.3% and comp sales to grow approx. 4%. The company
reaffirmed its outlook for EPS, which is expected to grow around 3.1% to $10.03.
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