Consumers spent big at Home Depot

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The truth about the retail apocalypse

House Depot’s spring marked a dramatic turnaround from its ugly winter.

The corporate posted $30.5 billion price of gross sales final quarter, up eight.four% from a yr in the past. That is gorgeous progress — notably for a retailer as gigantic as House Depot.

The robust spring led House Depot to spice up its outlook for the yr.

It stood in stark distinction from the primary quarter, when House Depot (HD) chairman and CEO Craig Menear blamed snowy climate for a “a sluggish begin to the spring promoting season.”

“We have been very happy with our file second quarter gross sales and earnings. Not solely did our seasonal enterprise rebound from the primary quarter, however our total outcomes exceeded our expectations,” Menear stated in a press release Tuesday.

Each House Depot and rival Lowe’s are considerably Amazon-proof. builders and DIY customers want to go to residence enchancment shops for constructing supplies versus shopping for on-line at Amazon (AMZN).

Lowe’s (LOW) will launch its newest earnings on August 22.

How Walmart is taking on Amazon

House Depot wasn’t the one retailer to report robust outcomes Tuesday.

Tapestry, (TPR) the proprietor of the Coach, Kate Spade and Stuart Weitzman manufacturers, additionally reported earnings that exceeded analysts’ estimates. It raised its outlook as properly.

The great spending information may bode properly for different retailers, a few of which report their earnings later this week. Macy’s (M), Walmart (WMT), JCPenney (JCP) and Nordstrom (JWN) are all on faucet.

CNNMoney (New York) First revealed August 14, 2018: 10:27 AM ET

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