The nation’s largest home improvement chain has reported sales of $23.8 billion for the second quarter of fiscal 2014, a 5.7 percent increase from the second quarter of fiscal 2013. Comparable store sales for the second quarter of fiscal 2014 were positive 5.8 percent, and comp sales for U.S. stores were positive 6.4 percent.

Net earnings for the second quarter were $2.1 billion, or $1.52 per diluted share, compared with net earnings of $1.8 billion, or $1.24 per diluted share, in the same period of fiscal 2013. For the second quarter of fiscal 2014, diluted earnings per share increased 22.6 percent from the same period in the prior year.

“In the second quarter, our spring seasonal business rebounded, and we saw strong performance in the core of the store and across all of our geographies,”  Frank Blake, chairman and CEO, said in a release. “I would like to thank our associates for their hard work and dedication, especially at this time of increased demand.”

Updated fiscal 2014 guidance

Home Depot confirmed that it expects fiscal 2014 sales will be up approximately 4.8 percent from fiscal 2013. Based on its second quarter performance and its outlook for the year, the company raised its fiscal 2014 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 20.2 percent to $4.52 for the year.

This earnings-per-share guidance includes the benefit of the company’s year-to-date share repurchases of $3.5 billion and the company’s intent to repurchase an additional $3.5 billion of shares over the remainder of the year.

Some analysts said the Home Depot performance is less an indication of a strong housing market and more an indication that the company is running well.

“This strong performance gives us further confidence that Home Depot can handle a slower paced housing market recovery on strong execution,” Citi analyst Kate McShane said in a note Tuesday morning and told Forbes magazine.

You can read the full Home Depot release here.

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