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Home Depot posts record sales growth despite CEO on medical leave
Fiscal second-quarter net sales rose 5.7% to $47.86 billion, while adjusted profit of $4.92 per share topped the $4.73 analysts’ estimate.
Home Depot reported fiscal second-quarter net sales up 5.7% to $47.86 billion, its best comparable sales growth since 2022. The company also confirmed CEO Ted Decker is on a temporary medical leave of absence, alongside results that beat analyst expectations.
Adjusted profit was $4.92 per share, ahead of the $4.73 analysts expected, and comparable sales increased 1.7% versus a 0.9% forecast. The retailer received $730 million in tariff refunds during the quarter and used most of that amount to lower its cost of goods sold, according to Yahoo Finance.
Home Depot said its full-year forecast remains 2.5% to 4.5% sales growth even with leadership uncertainty. The company is also expanding its Express Delivery service nationwide, promising delivery in three hours or less.
Even with the quarter’s strength, the company said housing market conditions that constrain growth have not changed, and renovation upside has not yet appeared. CFO Richard McPhail said the results have not yet shown the mix of factors that typically unlock bigger renovation projects, and that homebuying and selling activity has been at a multi-year low for four years, Yahoo Finance reported.