Home Depot Shares Rise After Profits, Sales Rise Well Above Expectations

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Actions de Home Depot Inc. HD,
+ 2,74%
jumped 2.4% to a record territory in pre-market commerce on Tuesday, after the retailer reported a second-quarter tax profit that beat expectations as sales jumped 23.4% to a record for beating forecasts from afar. Net income for the quarter ended Aug. 2 increased to $ 4.33 billion, or $ 4.02 per share, from $ 3.48 billion, or $ 3.17 per share, in the same period of l ‘last year. The FactSet consensus for earnings per share was $ 3.68. Sales climbed to $ 38.05 billion from $ 30.84 billion, well above the FactSet consensus of $ 34.53 billion. Comparable store sales grew 23.4%, beating the FactSet consensus of 12.2%, while the US same-store sales growth of 25% was more than double expectations of an increase of 12.0%. “The investments we’ve made across the company have dramatically increased our agility, allowing us to respond quickly to change while continuing to promote a secure operating environment,” said Chief Executive Officer Craig Menear. “In the second quarter, the company invested approximately $ 480 million in additional associate benefits, including weekly bonuses for hourly associates in stores and distribution centers. “The stock is up 32.0% year-to-date through Monday, while the SPDR S&P Retail ETF XRT,
+ 2,25%
rose 14.6% and the Dow Jones Industrial Average DJIA,
-0,30%
slipped 2.4%.

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