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Home Depot Reports Higher Sales

9/01/2003 02:00:00 AM Eastern

With sales in stores open at least 12 months moving into the black for the first time in a year, Home Depot posted a fiscal second quarter 10.5 percent overall sales increase, reaching $18 billion, up from $16.3 billion in the year-ago period. Comp-store sales climbed 2.2 percent.

Net earnings increased to $1.3 billion in the second three months, ended August 3, up 9.9 percent, compared with $1.2 billion in the same quarter in 2002.

"Our customers are responding to our store reinvestment strategy, which is delivering better, cleaner, brighter stores and more new and innovative products," said Bob Nardelli, chairman/CEO.

Home Depot logged 350 million customer transactions in its second quarter, up from 323 million year-on-year. Average sales per transaction rose to $50.60 in the three months, compared with $50.13 for the second quarter a year earlier. This was the highest second quarter average ticket in the company's history. Capital expenditures increased to $915 million in the second quarter, up from $634 million in the same three months the previous year.

For the six months, Home Depot sales reached $33.1 billion, up 7.7 percent from the $30.6 billion registered in the year-ago period. Net earnings climbed to $2.2 billion for this period, compared with $2 billion in the first six months of 2002.