ATLANTA -- The Home Depot, the world's largest home improvement retailer, last week reported net earnings of $1.8 billion compared with net earnings of $1.5 billion in the same period of fiscal 2012. The company generated sales of $22.5 billion during the quarter. Total sales increased 9.5 percent from the second quarter of fiscal 2012. Due to the 14th week in the fourth quarter of fiscal 2012, second quarter sales were impacted by a calendar timing change that resulted in one less week of spring sales in the second quarter when compared to the same period of fiscal 2012. This shift reduced total sales growth by approximately $249 million or 120 basis points.
"The second quarter results exceeded our expectations as our business benefited from a rebound in our seasonal categories, continued strength in the core of the store and the recovering housing market in the U.S.," said Frank Blake, chairman & CEO. "Our associates did an outstanding job of responding to the strong increased demand. I would like to thank them for their hard work and dedication."
Updated Fiscal 2013 Guidance
Based on its year-to-date performance and outlook for the balance of the year, the Company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 4.5 percent with comparable store sales up approximately 6.0 percent for the year. The Company raised its fiscal 2013 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 20 percent to $3.60 for the year. The Company's fiscal 2013 sales and earnings-per-share guidance is based on a 52-week year compared to fiscal 2012, a 53-week year.
This earnings-per-share guidance includes the benefit of the Company's year-to-date share repurchases totaling $4.3 billion and the Company's intent to repurchase $2.2 billion of additional shares over the remainder of the year.