Home Depot Q2 net income rises 14% on storm-related repairs
Atlanta — Home Depot reported Tuesday that its second-quarter net income soared 14% to $1.36 billion, compared with $1.19 billion in the year-ago period. The home-improvement retailer cited an uptick in storm-related repairs and lawn supplies for the improved performance.
Revenue rose 4% to $20.23 billion, topping Wall Street’s expected $19.97 billion. Same-store sales rose 4.3% globally and 3.5% in the United States.
Home Depot’s results outshone rival Lowe’s, which released its quarterly results on Monday, posting flat earnings and cutting its revenue forecast.
Saks narrows loss in Q2
New York City — Saks reported Tuesday that it has tightened its losses in the quarter ended July 30, posting a loss of $8.4 million compared with a loss of $32.2 million in the year earlier period.
The luxury retailer cited increased full-price selling for the improvement, but warned Wall Street that it was heading into the fall selling season with caution because of the uncertain economic conditions.
Revenue rose 13% to $670.2 million from $593.1 million, beating Wall Street’s $657.4 million. Same-store sales surged 15.5%, surpassing Saks’ expectations.
TJ Maxx profit up 14% in Q2
Framingham, Mass. — TJX Cos. reported Tuesday that net income for the second quarter rose 14% to $348 million, compared with $305 million in the year-ago period.
The parent of TJ Maxx and other discount concepts saw revenue climb 8% in the quarter, to $5.47 billion, topping analysts’ estimated $5.44 billion.