Home Depot, Inc. posted its sales and profit growth information for Q2 2016 on Tuesday, reporting a boost in shares and profits alike.
According to the company’s report, Home Depot’s shares have risen 1.3% over the past three months and were up 0.2% percent in pre-market trading. The company reported a quarterly profit of $2.44 billion, up from $2.23 billion a year earlier. Revenue was up 6.6%, to $26.47 billion.
The company projected earnings of $6.31 per share for the year 2016, up from its previous $6.27 estimate.
HD attributes the rise in profits to increased American spending on home improvement projects. Craig Menear, HD CEO, said quarterly sales hit a new record and that housing continues to be a “tailwind” for the company.