Shares of Home Depot Inc. HD,
went 2.4% to record highs in pre-market trading on Tuesday, after the retailer reported a fiscal gain in the second quarter that exceeded expectations as sales jumped 23.4% to a record to hit predictions with a broad margin. Net income for the quarter ended August 2 grew to $ 4.33 billion, or $ 4.02 a share, from $ 3.48 billion, or $ 3.17 a share, in the same period last year. FactSet’s ConsS for earnings per share was $ 3.68. Sales climbed to $ 38.05 billion from $ 30.84 billion, well above the FactSet consensus of $ 34.53 billion. Sales of the same store increased 23.4%, beating the FactSet consensus of 12.2%, while US sales of the same store of 25% were more than double expectations of an increase of 12.0%. “The investments we have made in the company have significantly increased our agility, enabling us to respond quickly to change while continuing to promote a safe business environment,” said Chief Executive Craig Menear. In the second quarter, the company invested approximately $ 480 million in additional associate benefits, including weekly hourly associate bonuses in stores and distribution centers. “The stock has risen 32.0% until Monday, while the SPDR S&P Retail ETF XRT,
has advanced 14.6% and the Dow Jones Industrial Average DJIA,
is 2.4% glide.
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