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Home Depot Posts Higher Net Earnings, Sales

Atlanta — The Home Depot reported higher net earnings and net sales in its second fiscal quarter, ended July 29.

Net earnings for the quarter were $1.5 billion compared with net earnings of $1.4 billion in the same period of fiscal 2011.

Sales for the second quarter totaled $20.6 billion, a 1.7 percent increase from the second quarter of fiscal 2011. Comp-store sales for the second quarter of fiscal 2012 were positive 2.1 percent, and comp sales for U.S. stores were positive 2.6 percent.

“As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter. But we saw continued demand for core products and delivered second-quarter earnings above our expectations,” said Frank Blake, chairman and CEO.

Home Depot confirmed that it expects fiscal 2012 sales will be up approximately 4.6 percent from the prior year on a 53-week basis.