The Atlanta-headquartered firm reported net income of $4.66 billion, translating to earnings of $4.65 per share for the quarter. This marked a decline from the $5.17 billion in net income, or $5.05 per share, reported in the same period last year.
Sales also experienced a downturn, amounting to $42.90 billion compared to $43.79 billion in the prior year. The consensus predicted earnings per share of $4.45 and sales of $42.19 billion.
Same-store sales showed a 2% decrease, surpassing the consensus that anticipated a larger 4.5% decline.
“While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories,” CEO Ted Decker said in a statement. “We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market.”
Home Depot reaffirmed its full-year guidance, projecting a 2% decline in sales, a 5% decrease in same-store sales, and an earnings-per-share decline ranging between 7% to 13%.
Year-to-date, the company's stock has gained around 4.5%, underperforming the broader market. HD shares were seen trading modestly lower in the aftermath of the Q2 earnings report release.