Home Depot raises full-year forecasts following strong first half

Home Depot saw a boost in sales on the back of a warm start to the summer, turning in a second-quarter report card that surpassed analysts' expectations.

The Georgia, US-based home improvement retailer saw revenues increase 8.4% year-on-year to $30.46bn, beating Wall Street expectations of $30.03bn, leading the firm to raise its revenue and same-store sales forecasts for the full year.

Same-store sales improved 8% across the globe, topping expectations of a 6.6% improvement. In the US, same-store sales climbed 8.1%, thanks to a strong housing market nationwide.

Net income for the second quarter climbed 29% to $3.5bn, or $3.05 per share.

Home Depot's chief executive Craig Menear, said, "Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations."

As of 1140 BST, Home Depot shares had picked up 1.04% in pre-market trading to $194.12 each.