The Home Depot Inc. HD, the world’s largest home improvement retailer, released second-quarter fiscal 2016 results, wherein earnings of $1.97 a share came a penny ahead of the Zacks Consensus Estimate and jumped 13.9% year over year.
Earnings Estimate Revision: The Zacks Consensus fiscal 2016 Estimate portrays an uptrend trend in the last 30 days. Further, in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 4.2%.
Revenues: Home Depot’s net sales increased 6.6% year over year to $26,472 million, also surpassing the Zacks Consensus Estimate of $26,437.2 million. Comparable store sales grew 4.7%, while comps for the U.S. stores rose 5.4%.
Outlook: Following a strong quarter, the company retained its sales outlook, while raising its earnings guidance for fiscal 2016.
Sales for the year are still expected to increase 6.3% with comparable store sales growth expected at 4.9%. Earnings per share is now envisioned to jump 15.6% year over year to $6.31. Earlier, it was anticipated to be $6.27 per share, reflecting a 14.8% year over year growth.
Zacks Rank: Currently, Home Depot carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Check back later for our full write up on Home Depot’s earnings report!
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