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Home Depot issues rosier outlook

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Published on August 14, 2012; Published on August 14, 2012
The Associated Press ~ staff OBJ

The Home Depot Inc. is feeling more upbeat about its prospects after healthy sales and cost cutting built up its profit in the second quarter.

Topics :: Home Depot , U.S.

The world's biggest home-improvement retailer says that better sales in the U.S. and demand for its mainstay home-improvement products helped its net income rise 12 per cent during the period.

The Atlanta-based company also boosted its full-year earnings outlook, citing its performance so far this year.

For the quarter that ended July 29, Home Depot earned $1.53 billion, or $1.01 per share. A year earlier it earned $1.36 billion, or 86 cents per share. The latest results topped the 97 cents per share that analysts expected, according to FactSet.

Revenue rose 2 per cent to $20.57 billion, but was shy of the $20.74 billion Wall Street expected.

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