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Home Depot Turns Profit as Sales Top Estimates

Tuesday, 23 Feb 2010 06:53 AM

Home Depot says cost-cutting and gains in sales of items such as paint, flooring and plumbing helping it move to a fourth-quarter profit.

Consumers cut back on home-improvement projects during the recession and housing slump, but conditions have started to improve, causing more to take on big projects.

The improvements led Home Depot to boost its quarterly dividend and give a 2010 profit forecast above analysts' expectations.

The largest U.S. home-improvement retailer earned $342 million, or 20 cents per share, for the quarter. Adjusted earnings were 24 cents per share.

Analysts predicted a smaller profit of 17 cents per share.

Sales dipped 0.3 percent to $14.57 billion. That beat Wall Street's $14.07 billion.

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Home Depot says cost-cutting and gains in sales of items such as paint, flooring and plumbing helping it move to a fourth-quarter profit.Consumers cut back on home-improvement projects during the recession and housing slump, but conditions have started to improve, causing...
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