Home Depot Blasts Q2 Profit Forecasts Amid Home Improvement Surge

Updated at 11:05 am EST

Home Depot (HD) posted better-than-expected second quarter earnings Tuesday, while reiterating its full-year profit forecast, as the retailer saw an unexpected surge in home improvement demand amid a slowing housing market.

Home Depot said earnings for the three months ending in July, the company’s fiscal second quarter, were pegged at $5.05per share, up 11.5% from the same period last year and firmly ahead of the Street consensus forecast of $4.94 per share. Group revenues, Home Depot said, rose 6% to $43.8 billion, firmly topping analysts’ estimates of a $41.12 billion tally.

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