Home Depot's quarterly profit and comparable sales beat Wall Street estimates as homeowners continued to invest in their homes that are appreciating in value.
The biggest US home improvement chain also on Tuesday raised its full-year sales and profit forecasts.
Americans have been spending more on their homes as property prices are on the rise in a subdued US housing market, which is facing a supply crunch.
Home Depot had previously called out price appreciation as one of the primary motivators for people to invest in their homes.
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The company on Tuesday said it now expects full-year sales to grow 5.3 per cent, comparable sales to rise 5.5 per cent and earnings of US$7.29 per share for the year ending January.
It had previously forecast sales to grow 4.6 per cent, comparable sales to rise 4.6 percent and earnings of $7.15 per share.
The number of customer transactions was up 2.7 per cent in the second quarter ended July 30, while the average ticket value rose 3.6 per cent to $63.05.
"We also believe an extended Spring season was positive for Home Depot's outdoor business in Q2, including outdoor garden," said the BTIG Research analyst Alan Rifkin.
Sales at stores open for more than a year rose 6.3 per cent, above the 4.9 per cent growth expected by analysts polled by research firm Consensus Metrix. Comparable sales at US stores increased 6.6 per cent.
Net income rose to $2.67 billion, or $2.25 per share, in the second quarter ended July 30, from $2.44bn, or $1.97 per share, a year earlier.
Net sales rose 6.2 per cent to $28.11bn, the highest quarterly sales in company history, Home Depot said.
Analysts on average had expected earnings of $2.22 per share on revenue of $27.84bn, according to Reuters.
Home Depot's shares were little changed in premaket trading on Tuesday. Up to Monday's close, the stock had risen 15 per cent this year.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
PROVISIONAL FIXTURE LIST
Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
The Kingfisher Secret
Anonymous, Penguin Books
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
