Atlanta-based 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.
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