Tue., August 17, 2010 12:02pm (EDT)

Home Depot Profit Up, Forecast Down
By Associated Press
Updated: 4 years ago

ATLANTA  —  
Home Depot is being cautious in its financial outlook for the rest of 2010. (photo courtesy Ildar Sagdejev)
Home Depot is being cautious in its financial outlook for the rest of 2010. (photo courtesy Ildar Sagdejev)
Modest sales increases helped boost Home Depot's second-quarter net income 7 percent.

The No. 1 home-improvement retailer trimmed its revenue forecast 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.

Atlanta-based Home Depot says net income rose to $1.19 billion, or 72 cents per share. Analysts expected 71 cents per share.

Revenue rose 2 percent to $19.41 billion. Analysts predicted $19.59 billion.

Home Depot trimmed its revenue outlook to a 2.6 percent increase, from a 3.5 percent rise.

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