Home Depot Enjoys Record Profits in Q2
Home Depot is having a a great year. The Atlanta Journal Constitution reports the home improvement retailer's sales are up 6.2 percent from the same quarter a year ago. Home Depot's profit for the quarter was $2.7 billion, up from the net earnings of $2.4 billion a year earlier, and the highest quarterly profit the company has ever reported.
“We were pleased with our results this quarter as our customers rewarded us with the highest quarterly sales in company history,” said Craig Menear, CEO and president of Home Depot. “We also achieved the highest quarterly net earnings in company history.”
Total Retail's Take: Many analysts are saying that despite its great quarter, the culprit behind the drop in Home Depot's stock price is the same company that's threatening most markets: Amazon.com. While I'm not sure Home Depot is "Amazon proof," I do think it offers consumers an omnichannel option to home improvement that Amazon can't match just yet. For example, when working on a project at home and you find yourself in need of a certain screw or part to finish the job, a quick trip to the local Home Depot is the option consumers are going to turn to. It's fast and reliable. Furthermore, Home Depot's online DIY series and top-notch in-store customer service helps keep the retailer atop the home improvement category.