The Home Depot Reports Sales, Earnings Up In Second Quarter
The Home Depot® reported net earnings of $1.86 billion for the second quarter ended July 30, up 9.8% compared with fiscal 2005. Excluding a one-time tax charge assessed in Quebec, its net earnings rose 13.4%. Sales increased 16.7% to $26 billion.
Total sales in the Supply segment grew by 325% to $3.5 billion, accounting for about 13% of the company's consolidated sales. This was driven by recent acquisitions, including Hughes Supply, as well as double-digit organic growth, the company said. HD Supply's operating margin was 7.5%, up from 7.2% last year.