Home Depot Profits Up 14 Percent

Published by: Frank Galvano on 16th Aug 2011 | View all blogs by Frank Galvano
Home Depot logo.jpg

Home Depot Profits Up 14 Percent

Home Depot released its second-quarter results Tuesday, posting a 14 percent hike in earnings thanks to the success of moves to improve customer service and rework product lines to better suit the needs of consumers with the nation's housing market still struggling.  Unlike its major rival Lowe's, Home Depot also improved its outlook for full year earnings as sales at stores open at least a year rose 4.3 percent.

For the three months ended July 31st, Home Depot reported earnings of $1.36 billion, or 86 cents a share, an improvement from its 2Q 2010 earnings of $1.19 billion, or 72 cents a share.  The disproportionate decline in per share earnings was because the number of outstanding shares fell 5.2 percent to 1.58 billion during that time.  The world's largest home improvement retailer, Home Depot's sales rose 4.2 percent during the quarter to $20.23 billion.

The results topped Wall Street expectations, as analysts taking part in a recent FactSet survey had projected net income of 83 cents a share on revenue of $19.97 billion.  The company also raised its outlook for full-year earnings from a previously announced forecast of $2.24 a share to $2.34 a share, and said it expects sales to increase by 2.5 percent for the full year.

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