Home Depot reaffirms guidance amid 'frozen housing market conditions'
Home Depot reported second fiscal quarter results that beat Wall Street expectations on the top and bottom lines.
TL;DR
- Home Depot's fiscal second-quarter earnings and revenue exceeded Wall Street expectations.
- The company reaffirmed its full fiscal-year guidance, citing a 'frozen housing market' and consumer hesitancy regarding large projects.
- Despite market conditions, Home Depot reported positive comparable sales growth and market share gains, especially in its pro business.
- Fiscal second-quarter adjusted earnings per share were $4.92, versus $4.73 expected, and revenue was $47.86 billion, versus $47.27 billion expected.
- The company received $730 million in tariff refunds, largely used to reduce the cost of goods sold.
- CEO Ted Decker is taking a temporary medical leave of absence, with Ann-Marie Campbell overseeing U.S. stores and operations, and Richard McPhail managing financial and pro business aspects.