Home Depot Sees Strong Profits, Raises Earnings Growth Forecast
Atlanta, The Home Depot had a 14% increase in profits for the second quarter. The company said strong sales of appliances, patio furniture and “do-it-for-me” installation services contributed to the success. Net profits rose to $1.77 billion, or 82? per share. Analysts predicted profits to be 79? per share. Last year, Home Depot earned $1.55 billion, or 70? per share. In response to the numbers, the retailer increased its earnings-per-share growth forecast.
Lowe’s, Home Depot’s competitor, reported a 20% increase in profit, totaling $838 million.