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Home Depot Reports Second Quarter Profit08-15-06 | News
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Home Depot Reports Second Quarter Profit



ATLANTA ?EUR??,,????'??? The Home Depot reported second quarter net earnings of $1.86 billion during a conference call Tuesday. The second quarter earnings are up 9.8 percent compared to the same period in fiscal 2005.

Sales for the second quarter of fiscal 2006 totaled $26 billion, a 16.7 percent increase from the second quarter of fiscal 2005.

Total sales in the retail segment grew 5.1 percent to $22.6 billion, reflecting new stores and comparable store sales of -0.2 percent. Total sales in the supply segment grew by 325 percent to $3.5 billion, driven by recent acquisitions, including Hughes Supply, as well as double-digit organic growth.

“I am grateful for the hard work and dedication of our associates and for their focus on taking care of our customers,” said Bob Nardelli, chairman, president & CEO.

During the quarter, Home Depot opened 30 new stores, including two relocations, with two new stores in Canada and one new store in Mexico, bringing the total store count to 2,079. As of the end of the quarter, approximately 10 percent of the company’s store base was in Canada and Mexico, as compared to nine percent for the same period last year.

The company’s retail services business grew by 9.7 percent to $1.03 billion in the second quarter of fiscal 2006. Categories such as windows, roofing and exterior patios reported solid growth.

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