Wednesday, August 18, 2010

Home Depot’s second-quarter sales up 1.8%

Earnings beat analysts’ expectations, but sales fall short of forecasts; in other news, Graybar reports a slight sales increase for Q2

The nation’s largest home improvement retailer reported earnings that beat analysts’ expectations this week, but the company’s sales fell short of forecasts.

Home Depot reported net earnings of $1.19 billion, or 72 cents a share, for its fiscal second quarter, ended August 1, compared with $1.12 billion, or 66 cents a share, in the same period a year ago.

The company’s sales rose 1.8% to $19.41 billion, on a 1.7% same-store sales increase.
“Our second-quarter sales reflect the third consecutive quarter of positive same-store sales. We delivered solid results as we continue to build momentum with our merchandising transformation, supply chain enhancements and customer service initiatives,” chairman and CEO Frank Blake said in a statement announcing the results.

In other earnings news, electrical and communications products distributor Graybar reported a “slight increase in sales” and a 14% rise in earnings in its second quarter compared to the same period last year. For the first six months of the year, Graybar said its income rose 20%.

“Our second-quarter results show that business is gaining momentum,” said Graybar’s chairman, president and CEO Robert A. Reynolds, Jr. “Because of the company’s strong financial position, we can continue to focus on working to the advantage of our customers and expanding our presence in key markets.”

An employee-owned company, Graybar is based in St. Louis and has nearly 240 locations across North America.

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