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Tuesday, August 17, 2010 - 8:02am

Home Depot Profit Up, Forecast Down

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.