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08-20-2013, 01:58 PM #1
Surging home sales boost Home Depot earnings
Surging home sales boost Home Depot earnings
Kim Hjelmgaard , USA TODAY 1:40 p.m. EDT August 20, 2013
Home Depot will report earnings Tuesday.(Photo: Wilfredo Lee, AP)
Story Highlights
- DIY retailer raises earnings outlook
- Pre-market shares rise
- Home Depot cites improved housing market
Home Depot's net income jumped 18%. The Atlanta-headquartered retailer raised its full-year earnings and revenue expectations.
"The second quarter results exceeded our expectations as our business benefited from a rebound in our seasonal categories, continued strength in the core of the store and the recovering housing market in the U.S.," said Frank Blake, chairman and chief executive, in a statement.
For the three months ended Aug. 4, Home Depot earned $1.8 billion, or $1.24 per share. That compares with $1.53 billion, or $1.01 a year ago. Revenue for the company climbed more than 9% to $22.52 billion, from $20.57 billion. Analysts expected earnings of $1.21 per share on revenue of $21.79 billion.
On Friday, investors will be watching for the July new home sales report. Builder confidence in July reached an eight-year high and has been trending up for the past two years.
http://www.usatoday.com/story/money/markets/2013/08/20/home-depot-results/2675527/NO AMNESTY
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