The Home Depot’s second quarter 2013 net income rose to $1.8 billion, a 20% increase over year-ago net income of $1.5 billion, on the strength of $22.5 billion in sales for the quarter, a 9.5% increase over the year-ago quarter.
The Atlanta-based big box retailer reported that comparable store sales for the quarter were up 10.7%, while comp sales for U.S. store rose 11.4%. However, a calendar timing change resulting in one less week of spring sales reduced sales growth by about $249 million.
"The second quarter results exceeded our expectations as our business benefited from a rebound in our seasonal categories, continued strength in the core of the store and the recovering housing market in the U.S.," said Frank Blake, THD chairman & CEO. Updated Fiscal 2013 Guidance
Based on its year-to-date performance and outlook for the balance of the year, the company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 4.5% with comparable store sales up approximately 6% for the year.
As of the end of the second quarter of 2013, THD operated 2,258 retail stores in all 50 states, D.C., Puerto Rico, U.S. Virgin Islands, Guam, Canada, and Mexico and employs more than 300,000 associates.