The home improvement retailer reported $47.86 billion in revenue, beating Wall Street expectations amid steady demand for smaller projects.
Home Depot posted second-quarter revenue of $47.86 billion, up from $45.28 billion a year earlier and above the $47.24 billion analysts expected. Comparable store sales rose 1.7% globally and 1.3% in the U.S., driven by higher average spending per transaction despite a 1% decline in customer visits.
The company earned $4.77 billion, or $4.79 per share, compared with $4.55 billion, or $4.58 per share, in the same period last year. Adjusted earnings of $4.92 per share exceeded the $4.73 estimate. Demand for smaller projects offset broader housing market weakness, which has weighed on retailers since mortgage rates began rising in 2022.
Shares showed muted reaction in premarket trading as investors weighed the results against persistent housing sector challenges. The average receipt value climbed to $92.50 from $90.01 year-over-year.