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Home Depot profit rises 9.3% as Americans keep remodeling

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Home Depot Inc., the world’s largest home-improvement retailer, posted second-quarter profit that rose 9.3 percent and boosted its earnings forecast for the year as Americans continued a spree of spending on their houses.

Net income increased to $2.44 billion, or $1.97 a share, in the fiscal second quarter, which ended July 31, the Atlanta-based company said Tuesday in a statement. That matched analysts’ average estimate. Second-quarter sales climbed 6.6 percent to $26.5 billion, also in line with analysts’ projections.

The results reinforced that consumers are still willing to splurge on fixing up their dwellings, spurred along by rising home values. Sales at Home Depot stores open for more than a year rose 4.7 percent, down from the previous quarter’s 6.5 percent gain, but matching analysts’ average estimate, according to Consensus Metrix.

To continue reading this story in Bloomberg, click here.

The post Home Depot profit rises 9.3% as Americans keep remodeling appeared first on Wyoming Business Report.


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