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Record Home Depot sales show America’s housing market is still strong


New York
CNN Business
 — 

Soaring mortgage rates and unaffordable home prices are worrisome signs for the broader housing market and economy. In another worrisome sign, housing starts and building permits for July both fell from June levels and missed economists’ forecasts.

But don’t tell that to Home Depot. The home improvement retail giant reported record earnings and sales for its most recent quarter.

Home Depot

(HD)
said Tuesday that overall revenue was up 6.5% from a year ago, to $43.8 billion. The company reported a net profit of $5.2 billion, or $5.05 a share. That topped Wall Street’s forecasts, as professional contractors and the do-it-yourself crowd kept spending.

The numbers were strong across the board. Sales at stores open at least a year, rose 5.4% from the same quarter in 2021 in the United States and 5.8% at all locations worldwide. The company also reiterated its earnings and outlook for the full year.

“Our performance reflects continued strength in demand for home improvement projects,” said Home Depot CEO and president Ted Decker in the earnings release. Decker added that these were the highest quarterly profit and sales figures in the company’s history, despite “a challenging and dynamic environment.”

Shares of Home Depot were up 5% in midday trading Tuesday, after falling…

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