(Reuters) – Home Depot Inc reported quarterly comparable sales above Wall Street estimates on Tuesday on steady demand for home-improvement goods from professional builders and handymen.
Analysts have said demand from home-improvement professionals has been strong, even as do-it-yourself customers are reining in their spending, due to a healthy pipeline of remodeling work.
Home Depot’s comparable sales rose 5.8% for the second quarter, while analysts had expected a 4.9% growth, according to IBES data from Refinitiv.
Net sales for the largest U.S. home improvement chain climbed 6.5% to $43.79 billion, compared with estimates of $43.36 billion.
Net earnings increased to $5.17 billion, or $5.05 per share, for the second quarter ended July 31, from $4.81 billion, or $4.53 per share, a year earlier.
(Reporting by Praveen Paramasivam and Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta)
