Home Depot beats Q2 expectations, announces new $15 billion buyback plan

investing.com:

Home Depot (NYSE:HD), a leading home improvement retailer, has reported its second-quarter results today.

Home Depot reported a comparable sales decrease of 2% for the second quarter, an outcome that exceeded the estimated decline of 4.1%. Comparable sales in the United States saw a 2% decrease, surpassing the estimated decline of 3.6%.

The company's net sales amounted to $42.9 billion, demonstrating a 2% year-over-year decrease but exceeding the estimated figure of $42.1B. Earnings per share (EPS) were reported at $4.65, compared to $5.05 in the same period the previous year. The estimated EPS was $4.46.

Home Depot maintained its outlook for the fiscal year 2024, expecting comparable sales to be within the range of -2% to -5%. The company also still expects to see FY EPS decline between -7% to -13% compared to 2022.

«We were pleased with our performance in the second quarter,» said Ted Decker, chair, president and CEO.

«While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories. We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market.”

HD shares trade 0.6% lower in premarket Tuesday.