The Home Depot has reported sales of $30.5 billion for the second quarter of fiscal 2018, an 8.4% increase from the second quarter of fiscal 2017. Comparable sales for the second quarter of fiscal 2018 were positive 8.0%, and comp sales in the U.S. were positive 8.1%.

Net earnings for the second quarter of fiscal 2018 were $3.5 billion, or $3.05 per diluted share, compared with net earnings of $2.7 billion, or $2.25 per diluted share, in the same period of fiscal 2017. For the second quarter of fiscal 2018, diluted earnings per share increased 35.6 percent from the same period in the prior year.

"We were very pleased with our record second quarter sales and earnings. Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations," said chairman, CEO and president of Home Depot, Craig Menear. "These results exemplify the outstanding execution of our combined team of store associates, merchants, suppliers and supply chain."

Based on its year-to-date performance, the Company updated its fiscal 2018 sales growth guidance and now expects sales will be up approximately 7.0 percent including the 53rd week, with comp sales growth of approximately 5.3 percent for the comparable 52-week period.

Home Depot reported its strategic priorities which will look to accelerate business investment over the next three years to enhance the customer experience, position itself for the future and create value for shareholders.

This focuses on enhancing the Customer Experience: The Company will highlight the various ways it is leveraging its physical and digital assets to keep pace with changing customer expectations, while continuing to balance the art and science of retail to consistently deliver innovative products at the best value for its customers.

Positioning for the Future: The Company will describe the key investments it will make to position itself as "One Home Depot." Key areas of investment include stores, associates, the interconnected customer experience, and the Company’s supply chain and delivery capabilities.

Creating Value: The Company will address its approach to creating shareholder value by delivering higher returns on invested capital and increasing total value returned to shareholders in the form of dividends and share repurchases.

"The retail landscape is changing at unprecedented rates and we plan to invest for the future to address the evolving needs of our customers. We will accelerate our investments, while continuing to focus on delivering the value our shareholders expect from The Home Depot," said Craig Menear, chairman, CEO and president.

The Company reaffirmed its sales and diluted earnings-per-share guidance for fiscal 2017. The Company expects sales to increase approximately 6.3 percent for the year, with comparable store sales of approximately 6.5 percent. The Company also expects fiscal 2017 diluted earnings per share to grow approximately 14 percent to $7.36. The Company’s diluted earnings-per-share guidance includes the benefit of its intent to repurchase an additional $2.1 billion of shares in the fourth quarter, bringing total fiscal 2017 share repurchases to $8 billion.

Long-Term Financial Targets included:

Today the Company will set out new long-term, fiscal 2020 financial targets as follows:

Total sales ranging from approximately $114.7 billion to approximately $119.8 billion

A compounded annual sales growth rate from the end of fiscal 2017 ranging from approximately 4.5 percent to approximately 6.0 percent

Operating margin ranging from approximately 14.4 percent to 15.0 percent

Annual capital spending of approximately 2.5 percent of sales

Return on invested capital ranging from approximately 36.4 percent to 39.6 percent