The Home Depot, the world's largest home improvement retailer, today reported second quarter net earnings of $1.2 billion, or $0.72 per diluted share, compared with net earnings of $1.1 billion, or $0.66 per diluted share, in the same period of 2009. Sales for the second quarter totaled $19.4 billion, a 1.8 percent increase from the second quarter of fiscal 2009.
"Our second quarter sales reflect the third consecutive quarter of positive same store sales. We delivered solid results as we continue to build momentum with our merchandising transformation, supply chain enhancements and customer service initiatives," said Frank Blake, chairman & CEO. "I want to thank our associates for their hard work and dedication, and I am proud to announce 97 percent of our stores qualified for success sharing, our bonus plan for hourly associates, for the first half of fiscal 2010."
Based on its year-to-date performance and expectations for the remainder of the fiscal year, the company updated its fiscal 2010 guidance and now expects sales to be up approximately 2.6 percent for the year.
At the end of the second quarter, the company operated a total of 2,244 retail stores, which included 1,976 The Home Depot stores in the United States (including the Commonwealth of Puerto Rico, the territory of the U.S. Virgin Islands and the territory of Guam), 179 stores in Canada, 80 stores in Mexico and nine stores in China. The company employs more than 300,000 associates.
