Home Depot raises guidance on strong Q3
Atlanta -- The Home Depot reported net earnings of $1.4 billion for the third quarter of fiscal 2013, up 48% from $948 million in the same quarter of the prior fiscal year. The retailer raised its 2013 forecast for the third time this year amid rising home prices.
"Our third quarter results reflect the continuing improvement in the housing market and our solid operational performance," said Frank Blake, chairman & CEO.
Other results in a strong quarter included sales of $19.5 billion, a 7% increase from $18.1 billion, and a same-store sales increase of 7.4% (8.2% for U.S. stores).
Home Depot partially attributed its improved net earnings to the elimination of a $165 million charge related to the closure of seven stores in China a year earlier, as well as a rebounding housing market. Net earnings beat Wall Street expectations. Based on these results, Home Depot raised its fiscal 2013 sales guidance and now expects sales to be up approximately 5.6% Same-store sales, on a 52-week like for like basis, are expected to be up approximately 7% for the year.