Tue., November 16, 2010 9:48am (EST)

Home Depot 3Q Income Up
By Associated Press
Updated: 3 years ago

ATLANTA  —  
The Atlanta-based company reports its third-quarter net income jumped 21-percent. (photo courtesy Ildar Sagdejev)
The Atlanta-based company reports its third-quarter net income jumped 21-percent. (photo courtesy Ildar Sagdejev)
The nation’s largest home improvement retailer reports its third-quarter net income jumped 21-percent. The positive report for Atlanta-based Home Depot’s follows that of rival Lowe’s this week.

It was only a 1-percent increase in revenue for Home Depot in the quarter, as it says homeowners are still reluctant to dive into big renovation projects.

But the company says a tight hold on expenses helped to keep its earnings report positive. And the retailer’s net income was 3 cents-a-share better than what analysts predicted.

Home Depot also says for its stores open at least one year, revenue was up for a fourth-straight quarter. That’s considered a key indicator of a retailer’s performance, as it excludes growth at stores opening or closing during the year.

The Atlanta-based company says going forward, it’s raising expectations on earnings.

Home Depot operates 2,244 stores worldwide with 300,000 employees.