ABJ - Aug 17 - The Home Depot, the world's largest home improvement retailer, has reported its second quarter fiscal 2011 net earnings of $1.4 billion, or 86 cents a diluted share, compared with net earnings of $1.2 billion, 72 cents a diluted share, in the same period of fiscal 2010.

For the second quarter of fiscal 2011, diluted earnings per share increased 19.4 per cent from the prior year.

Sales for the second quarter totaled $20.2 billion, a 4.2 per cent increase from the second quarter of fiscal 2010. Comparable store sales for the second quarter were 4.3 per cent, and comp sales for U.S. stores were 3.5 per cent.

"Our second quarter results were driven by a rebound in our seasonal business, storm-related repairs and strength in our core categories," Frank Blake, Chairman and CEO, The Home Depot, said in a statement. "We continue to deliver a strong operating performance while also investing in customer service and our merchandising initiatives. I would like to thank our associates for their hard work and dedication. It is their efforts that enabled us to deliver these results."

The company confirmed that it expects fiscal 2011 sales will be up about 2.5 per cent from fiscal 2010.

Based on its year-to-date performance and outlook for the balance of the year, the company raised its fiscal 2011 diluted earnings-per-share guidance and now expects diluted earnings-per-share from continuing operations to be up about 16 per cent, to $2.34 for the year. This earnings-per-share guidance includes the benefit of the company's year-to-date share repurchases, but excludes the impact of future share repurchases.

At the end of the second quarter, the company operated 2,245 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China. The Home Depot employs more than 300,000 associates.