The Home Depot Announces Second Quarter Results; Updates Fiscal Year 2012 Guidance

Reports Q2 earnings of $1.5 billion; comp store sales rise 2.6 percent.

The Home Depot, the world's largest home improvement retailer, today reported second quarter of fiscal 2012 net earnings of $1.5 billion, or $1.01 per diluted share, compared with net earnings of $1.4 billion, or $0.86 per diluted share, in the same period of fiscal 2011. For the second quarter of fiscal 2012, diluted earnings per share increased 17.4 percent from the same period in the prior year.

Sales for the second quarter totaled $20.6 billion, a 1.7 percent increase from the second quarter of fiscal 2011. Comparable store sales for the second quarter of fiscal 2012 were positive 2.1 percent, and comp sales for U.S. stores were positive 2.6 percent.

"As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter. But we saw continued demand for core products and delivered second-quarter earnings above our expectations," said Frank Blake, chairman & CEO. "I would like to thank our associates for their hard work and commitment to our customers."

Updated Fiscal 2012 Guidance

The Company confirmed that it expects fiscal 2012 sales will be up approximately 4.6 percent from the prior year on a 53-week basis. Based on its year-to-date performance, the Company raised its fiscal 2012 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 19 percent to $2.95 for the year.

This earnings-per-share guidance includes the benefit of the Company's year-to-date share repurchases and the Company's intent to repurchase $1.4 billion in additional shares over the remainder of the year.