Home Depot rides housing boom to record sales, profit in 2Q
NEW YORK (AP) — Home Depot posted record sales and earnings during its second quarter and raised its profit expectations for the year as the U.S. housing market continues to warm up.
The Atlanta home improvement retailer's profit jumped 9 percent to $2.44 billion, or $1.97 per share, edging out Wall Street expectations by a penny, according to analysts surveyed by Zacks Investment Research.
Home Depot and its rival, Lowe's sailed through a downturn in the retail sector this year as a whole, with more Americans funneling money into the homes they own, or putting personal touches on new ones.