Home Depot achieves a record profit of more than $3 billion in the second quarter

Home Depot, the US multinational DIY, obtained a net profit of US $3.506 billion in the second quarter, a figure that represents a new quarterly record for the company and represents an improvement of 31.2% with respect to the same period of 2017, as reported by the company.

Net sales of Home Depot between April and June totaled US $30.463 billion, 8.4% more than a year earlier.

Although operating costs increased at a faster rate than sales, to US $4.901 billion, a 9.3% increase, the company improved its net profit thanks to lower tax spending. Specifically, the company paid 25.5% less than twelve months ago, to US $1.149 billion, due to the tax reform promoted by Donald Trump.

“We are very pleased with quarterly record sales and net profit,” said Craig Menear, president and CEO of the company. “These results exemplify the spectacular performance of our combined team of stores, suppliers and supply chain,” he added.

Thus, in the first half of 2017 the multinational obtained a net profit of US $5.910 billion, 26.1% more than a year earlier, while its turnover grew by 6.6%, up to US $55,410 million.

The Home Depot expects to increase its annual sales by 7%, while its comparable turnover, in number of weeks, will increase approximately 5.3%. Likewise, the company has increased its forecast of growth of profit per share by 29.2%, to 9.42 dollars per share.

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