The Home Depot today reported second quarter of fiscal 2012 net earnings of $1.5 billion, or $1.01 per diluted share, compared with net earnings of $1.4 billion, or $0.86 per diluted share, in the same period of fiscal 2011. For the second quarter of fiscal 2012, ended July 29, diluted earnings per share increased 17.4% from the same period in the prior year.

Sales for Home Depot’s second quarter totaled $20.6 billion, a 1.7% increase from the second quarter of fiscal 2011. Comparable store sales for the second quarter of fiscal 2012 increased 2.1%, and comp sales for U.S. stores grew 2.6%.

"As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter. But we saw continued demand for core products and delivered second-quarter earnings above our expectations," said Frank Blake, chairman and CEO, Home Depot.

Home Depot commented that it expects fiscal 2012 sales will be up approximately 4.6% from the prior year on a 53-week basis. Based on its year-to-date performance, the company raised its fiscal 2012 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 19% to $2.95 for the year.