ATLANTA–Home Depot registered net income of $1.2 billion for the second quarter, up 6.8 percent from the 2009 second quarter.
Expense control proved to be the key to the enhanced bottom line for the nation’s largest home-improvement retailer. Home Depot’s total operating expenses dropped 0.5 percent, and its gross margin firmed by 42 basis points to 33.9 percent. Net sales rose 1.8 percent to $19.4 billion, which included a 1.7 percent pickup in same-store sales.
Frank Blake, chairman and chief executive officer, said Home Depot’s positive results were due to the company’s merchandising transformation, supply-chain enhancements and customer-service initiatives. Home Depot said it now expects net sales for all of 2010 to rise about 2.6 percent over last year.