The company trimmed its revenue guidance for the year but raised its expectations for earnings.
Net income rose to $834 million, or 51 cents per share, from $689 million, or 41 cents per share. That is better than the 48 cents per share analysts expected, according to a poll by Thomson Reuters.
Revenue edged up 1 percent to $16.6 billion from $16.36 billion. Analysts expected $16.59 billion. Revenue in stores open at least one year rose 1.4 percent.
It is the fourth consecutive quarter that figure was positive. It is considered a key indicator of a retailer's performance because it excludes growth at stores that open or close during the year.
"As the business stabilizes, we continue to improve our operational performance," said CEO Frank Blake in a statement.
Home Depot Inc. is trimming its guidance for revenue growth in the year to 2.2 percent from 2.6 percent. That implies revenue of $67.64 billion, still ahead of the $67.55 billion analysts expect.
But Home Depot, based in Atlanta, raised its earnings guidance to $1.94 per share from $1.90 per share. Analysts expect $1.90 per share.
On Monday, smaller rival Lowe's Cos. similarly reported its net income rose 19 percent as revenue rose 2 percent to $11.59 billion. Home owners aren't renovating as much due to fears about jobs and the economy.
Home Depot operates 2,244 stores worldwide with 300,000 employees.
http://accesswdun.com/article/2010/11/233815