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Home Depot Posts Strong Q2 Results

Atlanta – Home Depot reported fiscal second quarter net earnings of $1.86 billion up 9.8 percent, ended July 30, compared to the same period in fiscal 2005.

Sales for the second quarter of fiscal 2006 totaled $26 billion, a 16.7 percent increase from the same period of 2005.

Total sales in the retail segment grew 5.1 percent to $22.6 billion, reflecting new stores and comparable store sales of -0.2 percent. Total sales in the supply segment grew by 325 percent to $3.5 billion, driven by recent acquisitions, including Hughes Supply, as well as double-digit organic growth.

Home Depot saw growth in average ticket across most merchandise categories. In the second quarter of fiscal 2006, The Home Depot increased its average ticket by 4.2 percent to $59.98.

Among the significant accomplishments in second quarter Home Depot cited was its 10.1 percent market share in appliances, up 130 basis points.

Going forward Bob Nardelli, chairman, president & CEO, that “given current mixed economic signals” making it a “challenging second half,” that made the company back off slightly on its sales and earnings guidance.

During the quarter, Home Depot opened 30 new stores world wide making its total store count 2,079.