With millions of people staring at their walls working from home, sales at Home Depot surged in the second quarter, with same-stores sales in the U.S. spiking 25%.
Overall revenue for the Atlanta company hit $38.05 billion, far exceeding the $34.94 billion Wall Street was expecting, according to a FactSet survey. It easily topped last year’s revenue of $30.84 billion for the three months ended Aug. 2.
Sales at stores open at least a year, a key indicator of a retailer’s health, climbed 23.4%, globally, trailing only the massive surge in comparable-store sales in the U.S.
The National Association of Realtors said last month that its index of pending sales rose 16.6%, to 116.1 in June, its highest level since 2006. Sales of new homes also rose a sharp 13.8% in June, the second straight increase.
Home Depot Inc. earned $4.33 billion, or $4.02 per share, in the quarter, which was also far stronger than the per-share projections of $3.70 from analysts.
A year earlier it earned $3.48 billion, or $3.17 per share.
Shares rose nearly 3% in Tuesday premarket trading.
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