|Home Depot and Lowes both reported another quarter of record profits—with prospects of much more to come as people in hurricane-ravaged areas begin rebuilding. Stocks for both jumped in post-hurricane trading.
Home Depot reported record second quarter net earnings of $1.5 billion,
on sales of $20.0 billion—the first time it has broken the $20 billion level in sales for one quarter. This represents a 25 percent gain.
(The average customer ticket increased 8.2 percent, or $4.13, to $54.73, a second quarter record.)
Lowes meanwhile, also had a healthy second quarter profit of $704 million, a 17.9 percent increase over the same period a year ago. Sales for the period totalled $10.2 billion.
Robust housing turnover, record home ownership, attractive mortgage rates and improving consumer confidence highlighted a solid performance in the second quarter where our stores delivered record earnings," explained Robert L. Tillman, Lowe's chairman and CEO. "A strong and vibrant housing market, combined with the commitment of our employees to provide excellent customer service, are the foundations for our confidence in the future."
This eUpdate posting by: Steve@BuildingOnline.com