Home Depot Drives Storm Sales to 12 Percent Net Gain
November 15, 2011,
ATLANTA--Bad weather helped The Home Depot to a good bottom line in its fiscal third quarter, which ended on Oct. 30.
Net income rose 12 percent to $934 million, on a net-sales increase of 4.4 percent to $17.3 billion, a gain that included a same-store sales pickup of 4.2 percent. Frank Blake, chairman and CEO of Home Depot, cited storm-related sales (along with strength in core categories) as one driver to the home-improvement retailer's performance. During the third quarter, the nation was hammered by Hurricane Irene, tropical storm storms and tornadoes, and an early snowfall just before Halloween in the Northeast--all of which undoubtedly boosted sales of emergency home products.
Based on the third quarter, Home Depot said sales for the fiscal year as a whole will rise by about 2.5 percent.