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Home Depot Sales Rise 11.7%

8/16/2005 08:35:00 AM Eastern

Atlanta — Momentum in the major appliance business at The Home Depot continued into the retailer’s fiscal second quarter, helping to drive up overall net sales 11.7 percent during the period, to $22.3 billion from a year-ago nearly $20 billion. Comp-store sales rose 4 percent.

Home Depot net earnings for the three months, ended July 31, increased 14.4 percent, reaching $1.8 billion, compared with $1.5 billion in the same quarter in 2004. The home improvement chain cited improved store efficiency, customer service and an expanding contractor business as the keys to what it called a quarterly “solid performance.”

Home Depot’s services business grew 28 percent in the second quarter, with strong growth in categories such as roofing, countertops, kitchens, windows and soft flooring.

Innovation continues to drive Home Depot’s business, said the retailer, with new product introductions among the sales boosters. The rollout of LG-made major appliances, among other product debuts, accounted for the chain’s overall increased majap market share in the second quarter, according to the company.

Highlighting second-quarter business was a 3.6 percent increase in number of customer transactions and a 5.1 percent rise in average sales ticket, to $57.54, up from $54.73 year-on-year.

For the six months, sales climbed 10 percent, hitting $41.3 billion, up from $37.5 billion in the first half a year ago. Net earnings jumped 14.1 percent, coming in at $3 billion for the first six months, compared with $2.6 billion in the first half of last year.

During the second quarter, the retailer opened 44 net new stores, including the acquisition of seven Contractor’s Warehouse stores in California. Total store count today is 1,940.

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