Home Depot Inc.’s second-quarter results beat Wall Street estimates even as the U.S. housing market shows signs of cooling off.
The home-improvement retailer on Tuesday reported comparable sales growth of 5.8% in the three months ended July 31, topping the average analyst estimate of 4.6%. Revenue and earnings also beat expectations.
The pandemic housing boom is starting to abate in the U.S., slowed down in part by rising mortgage rates, as well as the elevated costs of materials and labor. Government data released Tuesday showed new U.S. home construction fell in July by more than forecast, to the slowest pace since early last year. Despite these headwinds, Home Depot said project backlogs remain healthy and strong sales trends have continued into the current quarter.
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