Home Depot Net Edges Up in 3Q
November 13, 2012,
ATLANTA-Third-quarter net income for The Home Depot rose 1.4 percent to $947 million, as the home-improvement retailer started on what it believes to be the beginning of a recovery in the housing market.
Net sales gained 4.6 percent to total $18.1 billion in the quarter, which ended on Oct. 28. This included an increase of 4.3 percent in same-store sales. Frank Blake, Home Depot chairman and CEO, said the results were better than the company expected "and reflected, in part, what we believe is the start of the path toward the healing of the housing market."
Home Depot said it now expects sales for the fiscal year as a whole to increase 5.2 percent, while earnings per share should rise by a hefty 18 percent for the year.