Home Depot 2Q Sales Up 1.7% Aug 17, 2012

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Home improvement retailer The Home Depot reported second quarter fiscal 2012 net earnings of $1.5 billion, compared with net earnings of $1.4 billion in 2Q 2011.

Sales in 2Q fiscal of 2012 were $20.6 billion, a 1.7% increase from 2Q fiscal 2011. Comparable store sales were up 2.1%, and comp sales for U.S. stores were positive 2.6%.

"As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter. But we saw continued demand for core products and delivered second-quarter earnings above our expectations," said Chairman and CEO Frank Blake.

Home Depot now expects fiscal 2012 sales will be up about 4.6% from fiscal 2011 on a 53-week basis. At the end of the second quarter, Home Depot had 2255 retail stores in all 50 United States, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico, and China.

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