Key facts
- Home Depot reported second-quarter sales of $47.86 billion, exceeding analyst expectations.
- Demand for repair and maintenance projects offset a sluggish U.S. housing market.
- The company maintained its annual sales and profit forecasts.
- CEO Ted Decker is taking a temporary medical leave of absence.
Home Depot surpassed Wall Street's sales expectations for the second quarter, reporting $47.86 billion in revenue for the period ending August 2. This performance was driven by consistent demand for smaller repair and maintenance projects, which helped to counterbalance the ongoing weakness in the U.S. housing market. Stubbornly high interest rates have encouraged homeowners to focus on such projects rather than larger renovations or new home purchases. The company reaffirmed its full-year sales and profit guidance. Home Depot anticipates annual comparable sales to remain relatively flat or increase by up to 2%, with adjusted earnings per share expected to be flat or grow by up to 4%. The company also noted that tariff refunds are expected to offset higher fuel and input costs for the year. Separately, Home Depot announced that CEO Ted Decker, 63, will be taking a temporary medical leave of absence. Chief Financial Officer Richard McPhail and Senior Executive Vice President Ann-Marie Campbell will jointly oversee his responsibilities during his absence. A spokesperson confirmed that Decker is expected to return within a few months and will not participate in the post-earnings call.