The Home Depot (HD) beat analyst expectations in the second quarter with sales of $24.8 billion for the second quarter of fiscal 2015, a 4.3% increase from the second quarter of fiscal 2014.
Comparable store sales for the second quarter of fiscal 2015 were positive 4.2%, and comp sales for U.S. stores were positive 5.7%.
Second quarter earnings rose 14% to $1.73. Net earnings for the second quarter of fiscal 2015 were $2.2 billion, compared with net earnings of $2.1 billion, or $1.52 per diluted share, in the same period of fiscal 2014.
For the second quarter of fiscal 2015, diluted earnings per share increased 13.8 percent from the same period in the prior year.
Second quarter of fiscal 2015 results include a pretax net expense of $92 million, or $0.05 per diluted share, related to the Company's 2014 data breach.
This expense includes an accrual for estimated probable losses that the company expects to incur in connection with the claims made by the payment card networks in connection with the data breach discovered in September 2014 are based on currently available information and expected payments associated with those claims. These estimates may change as new information becomes available or circumstances change.
Second quarter of fiscal 2015 results also reflect a pretax gain on sale of $144 million, or $0.07 per diluted share, related to the sale of the remaining portion of the company's equity ownership in HD Supply Holdings, Inc. Adjusting for these two items, diluted earnings per share for the second quarter of fiscal 2015 were $1.71.
"We were pleased with this quarter's results. We saw balanced growth across our business resulting from strength in the core of the store as well as the continued recovery of the U.S. housing market," said Craig Menear, chairman, CEO and president. "I would like to thank our associates for their hard work and dedication."
Shares of Home Depot were up 2% at a new all-time high in early trading Tuesday after the earnings report.
Based on its year-to-date performance and to reflect the planned completion of the acquisition of Interline Brands, Inc., the company raised its fiscal 2015 sales guidance and now expects sales will grow in a range of approximately 5.2% to 6.0 percent and comp sales will grow in a range of approximately 4.1% to 4.9%.