An increase in same-store sales drove Home Depot’s profits to $1.4 billion (86 cents per share) during the company’s second quarter, up from $1.2 billion (72 cents) for the same period in 2010.
Not only did year-over-year comparable store sales increase by 4.3 percent, but customers were also spending 3.3 percent more per sales ticket, the company reported.
Six-month net sales increased 2.2 percent to $37.1 billion, versus $36.3 billion for the first six months of 2010.
“The positive comparable store sales for the second quarter and first six months of fiscal 2011 reflects a number of factors,” the company said in its statement. “Our performance in the second quarter of fiscal 2011 was driven by our seasonal business and outdoor projects, repair business from the harsh winter and spring storms, and strength in our core departments. The majority of our departments posted positive comparable store sales for the second quarter and first six months of fiscal 2011, and comparable store average ticket increased 3.3 percent and 2.5 percent for the second quarter and first six months of fiscal 2011, respectively. Comparable store sales for our building materials, electrical, kitchen and bath, indoor garden, outdoor garden and tools product categories were above the company average, and comparable store sales for hardware was at the company average for the second quarter of fiscal 2011. Comparable store sales for our paint, plumbing and flooring product categories were positive but less than the company average for the second quarter of fiscal 2011. Comparable store sales in lighting were flat while lumber and millwork were negative for the second quarter of 2011.”
The Home Depot is the nation’s largest hardware retailer with 2,245 stores in the United States, Canada, Mexico and China, including two in the Santa Clarita Valley.