Home Depot Earnings Jump 17 Percent

Posted by Bill Esler | Posted: 08/20/2013 9:34AM

 

Home Depot lumber hardware power tools home remodeling ATLANTA -- The Home Depot (NYSE: HD) is bullish on the home improvement business, reporting sales of $22.5 billion for the second quarter 2013, 9.5% ahead of last year - despite the fact there was an extra week during the 2013 period.

Net earnings for the second quarter were $1.8 billion, more than 17% higher than the year prior period. Home Depot's professional contractor services are a popular spot for custom woodworkers and cabinetmakers seeking tools, lumber, hardware and moulding.

"The second quarter results exceeded our expectations," said CEO Frank Blake, attributing the improvement to "the recovering housing market in the U.S.," with home renovation benefiting sales at its 2,258 stores throughout the U.S., Canada and Mexico.

Home Depot now expects sales to be up 4.5%. It is also buying back $2.2 billion in shares.  

During a conference call, CFO Carol Tomé said sales related to Hurricane Sandy were approximately $47 million in the second quarter. She noted that Home Depot actively promotes credit lines for professional contractor  customers, with a 70% aproval rating of an average  $6,800 credit line. 

Executive VP Marvin Ellison said that Home Depot invested in its Professional Area checkout. "We also invested in loading; pro buyers want to get in and out."

 

About the Author

Bill Esler, Woodworking Network, WMS

Bill Esler

Bill Esler, Editorial Director, Woodworking Network Bill is responsible for overall content at WoodworkingNetwork.com Woodworking Network magazine, and related newsletters. Bill also manages event programs for Woodworking Network Live conferences at the Woodworking Machinery & Supplies Expo in Toronto and Cabinets & Closets Expo. He developing audience engagement programs using custom digital printing, live lead-generating events, custom websites, and custom digital and print content. Read Bill Esler's woodworking blogs. He can be reached at besler@woodworkingnetwork.com or follow him on Google+.

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