Dive Brief:
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Home Depot reported Q2 sales were up, with the average transaction in the quarter up 1.7% to $59.42, and the number of transactions up 2.6%.
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Overall Q2 same-store sales were also up 4.2% and domestic Q2 same-store sales were up 5.7%, and profit up was more than analysts expected, even with the costs of the data breach the company suffered last year.
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The retailer said it sold a lot of appliances, tools, decor, and lighting. And for top-dollar receipts (the number of those over $900 rose 6.3% in the quarter), shoppers picked up a lot of water heaters, windows, appliances, and riding mowers.
Dive Insight:
Certain aspects of this healthier economy—consumers with somewhat greater confidence, a shift in spending priorities, and a housing market in recovery—have helped Home Depot with its recent good news, the company’s CFO Carol Tome said Tuesday.
"When consumers believe their home is an investment and not an expense, they spend differently," Tome said during a conference call.
And while retailers in the business of selling apparel aren’t feeling quite the same love from consumers, Home Depot is selling a lot of what they are willing to spend their dollars on.