RESOLVING THE LEDGER
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Home Depot (NYSE:HD) came into its second-quarter earnings report on Tuesday, with investors hoping to see some signs of progress in a challenging macro environment, as the housing market has continued to struggle.
Against that backdrop, the leading home improvement retailer delivered solid results. In fact, the company reported its strongest comparable sales growth in nearly four years, with same-store sales up 1.7% globally and 1.3% in the U.S., which shows how difficult the environment has been, coming after the pandemic-driven boom in home-improvement spending.
Overall revenue rose 5.7% to $47.86 billion, easily beating estimates of $47.23 billion. Gross margin also improved to 33.7% from 33.4% in the quarter a year ago, though that was mostly due to a benefit from the IEEPA tariff refund. Without that, gross margin would have fallen due to higher fuel, energy, and product input costs. Selling, general, and administrative expenses as a percentage of revenue rose from 17.1% to 17.6%, and adjusted earnings per share rose from $4.68 to $4.92, which beat the consensus at $4.73.
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