“Home Depot Inc. (HD), the largest U.S. home-improvement retailer, posted third-quarter profit that topped analysts’ estimates as the recovering U.S. housing market prompted customers to spend more on home repairs.
Net income climbed 1.4 percent to $947 million, or 63 cents a share, from $934 million, or 60 cents, a year earlier, the Atlanta-based company said today in a statement. Excluding some items, profit was 74 cents. The average estimate of 25 analysts surveyed by Bloomberg was 70 cents. Sales rose 4.6 percent to $18.1 billion, topping the $17.9 billion average estimate.
U.S. real estate values are rebounding after a five-year decline, sending homeowners back to stores for remodeling supplies. Sales at Home Depot locations open at least a year rose 4.2 percent, the sixth straight quarterly increase, as customers visited more often and spent more per trip.”
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