Home Depot beats Street 3Q forecasts on sales boost
NEW YORK (AP) — The Home Depot Inc. reported its profit rose 12.2 percent in its fiscal third-quarter as sales gained ground, fueled partly by a continued housing market recovery.
The results exceeded Wall Street expectations, with the average estimate of 14 analysts surveyed by Zacks Investment Research for earnings of $1.32 per share.
Same-store sales, which are a key measure of a retailer's health, rose 5.1 percent.
Sales of existing homes jumped 4.7 percent in September, according to The National Association of Realtors, indicating that demand for housing remains steady.