We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Home Depot (HD)
HD 326.85-0.4%Apr 19 4:00 PM EDT

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: Neil H8/17/2010 6:40:35 AM
   of 1170
Home Depot 2Q profit rises; cuts review outlook
Home Depot net income rises in 2nd quarter; company trims revenue view

Tuesday August 17, 2010, 6:33 am
ATLANTA (AP) -- Modest sales increases helped boost Home Depot Inc.'s second-quarter net income 7 percent.

The No. 1 home-improvement retailer also trimmed its revenue forecast Tuesday but raised its earnings forecast to account for share repurchases.

Rival Lowe's Cos. cut revenue guidance a day earlier as shoppers remain cautious in the uncertain economy.

Quarterly net income rose to $1.19 billion, or 72 cents per share, from $1.12 billion, or 66 cents per share last year. Analysts polled by Thomson Reuters, on average, expected 71 cents per share.

Revenue rose 2 percent to $19.41 billion from $19.07 billion last year. Analysts predicted $19.59 billion.

Revenue at stores open at least one year rose 1.7 percent worldwide and 1 percent in the U.S., the third consecutive quarter of gains for the key measure.

Revenue at stores open at least a year is a key indicator of a retailer's performance because it excludes growth at stores that open or close during the year.

Home Depot trimmed its revenue outlook to a 2.6 percent increase, from a 3.5 percent rise. That implies revenue of $67.9 billion. Analysts expect revenue of $68.21 billion.

It now expects net income of $1.90, up from prior guidance of $1.88 per share. Analysts expect $1.89 per share.

Home Depot operates 2,244 retail stores in the U.S., Canada, Mexico and China.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext