Home Depot says US housing recovery to boost sales in 2nd half - TheGazette
Gross profit of $8.16 billion increased 5.7 percent from last year, and operating income of $3.45 billion grew 14.2 percent. In the quarter, number of Customer Transactions increased 4.2 percent, and sales per square foot grew 5.5 percent. Frank Blake, chairman and CEO, said, "In the second quarter, our spring seasonal business rebounded, and we saw strong performance in the core of the store and across all of our geographies. I would like to thank our associates for their hard work and dedication, especially at this time of increased demand." At the end of the second quarter, the company operated a total of 2,264 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.
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She said there was a nice recovery in demand from building contractors as customers clearly feel better about investing in their homes. Home Depot gets much of its business from building contractors. U.S. housing starts rebounded strongly in July, Commerce Department data showed on Tuesday, signaling that the housing market is regaining its footing after being hurt by last years runup in interest rates. Home Depot, however, said it was concerned about the availability of mortgage financing, given that a third of Americans aged 18-36 were living with their parents. STRONG SECOND QUARTER Home Depots same-store sales rose 5.8 percent in the second quarter ended Aug. 3, higher than the 4.4 percent analysts polled by research firm Consensus Metrix had expected.
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