Aug. 18 at 8:50 PM
Home Depot reported stronger-than-expected fiscal Q2 results, with adjusted EPS of
$4.92 versus the
$4.73 consensus and revenue of
$47.86B versus
$47.27B expected. Global comparable sales rose 1.7%, the strongest quarterly growth since late 2022, while U.S. comps increased 1.3% and online sales jumped 11%, marking the fifth consecutive quarter of double-digit digital growth.
The company reaffirmed its full-year outlook for comparable sales ranging from flat to up 2% and adjusted EPS from flat to up 4%. Stifel raised its price target to
$340 from
$320, while Bernstein lowered its target to
$344 from
$346.
CFO Richard McPhail cautioned that the housing market remains “frozen,” with July housing starts plunging 12.4% to a 1.239M annualized rate, the weakest single-family construction reading since late 2022. Still, strong earnings, resilient sales and maintained guidance provided a positive catalyst despite broader market weakness.
$HD