Home Depot posts strong Q3, raises forecast
Atlanta - Crediting the continuing improvement in the housing market coupled with its own operational performance, The Home Depot reported significant increases in earnings, sales and comps during the third quarter.
Net earnings for the quarter jumped 42.7% to $1.4 billion and earnings per share increased 50.8% to $0.95 per share. The results included a nonrecurring charge of approximately $165 million, or $0.11 per diluted share, due to the closing of seven stores in China.
Net sales rose 7.4% to $19.5 billion, with overall comps up 7.4% and U.S. comps climbing 8.2%.
Home Depot raised its fiscal 2013 sales guidance and now expects: sales to increase 5.6%; comparable store sales to be up 7.0%; and diluted earnings per share to grow between 24.0% and $3.72 for the year.
Source From: Home Textiles Today