Appliance retailer The Home Depot reported second quarter net earnings of U.S. $1.8 billion, or $0.82 per diluted share, up 17.1 percent, for the second quarter of fiscal 2005, compared with $1.5 billion, or $0.70 per diluted share, for the second quarter of fiscal 2004.
Sales for the period increased $2.3 billion, or 11.7 percent to $22.3 billion. Comparable store sales growth was 4.0 percent.
The company affirmed its fiscal 2005 sales growth guidance of 9-12 percent and increased its earnings per share growth guidance from 10-14 percent to 14-17 percent.
The Home Depot's reported that by adding innovative and distinctive merchandise, the company achieved a record second quarter average ticket of $57.54, an increase of 5.1 percent over the prior year.
According to an independent third party, the company's appliance share, on a rolling 12-month basis, increased to 8.8 percent in the second quarter, a new high and 150 basis points above last year.
"Innovation continues to drive our business through introductions like the new Ryobi(R) One+ power tool system, the new line of Ralph Lauren(R) Metallic paints, Ducane(R) gas grills, Hampton Bay(TM) patio furniture and most recently the rollout of LG(R) appliances," said John Costello, executive vice president, Merchandising and Marketing.
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