Home Depot sales surge in last months

Home Depot, benefiting from falling unemployment, still-low mortgage rates and rising home prices, raised its outlook for the year on Tuesday as sales surged in the third quarter and customers spent more per visit. The home improvement retailer extended its streak of strong earnings while some other retailers have struggled. But Home Depot and its rival Lowe’s have stood out, thanks in part to low mortgage rates that have led to a warming housing market and an increase in refinancing. Home Depot CEO Craig Menear said the company saw balanced sales growth driven by a higher number of sales and customers who spent more per visit. The number of customer transactions rose 2.4 percent. The average receipt jumped 3 percent. In its report on retail sales Tuesday, the Commerce Department said sales of home and garden supplies rose 1.1 percent in October, a positive sign that more Americans are remodeling and expanding their homes. Lowe’s Cos. will reports its quarterly earnings results on Wednesday.


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