Home Depot’s second-quarter sales rose slightly as the nation’s biggest home improvement retailer benefitted from an $18 billion acquisition this spring, but customers continued to rein in spending because of broadly higher costs and elevated interest rates.
Sales edged up to $43.18 billion, from $42.92 billion, beating the $42.57 billion that Wall Street had expected, according to a poll by Zacks Investment Research.
The quarterly performance was an improvement thanks in part to the acquisition of contract supplier SRS Distribution, which contributed $1.3 billion to Home Depot’s sales for the quarter. SRS provides materials for professionals like roofers, landscapers and pool contractors.
“The decision of Home Depot to deepen its expertise in specialist categories via the SRS Distribution acquisition is to be welcomed as this adds a new base of customers,” Neil Saunders, managing director of GlobalData, said. “We believe the integration of SRS will bring sales and bottom-line benefits over …