Home Depot Inc., the largest U.S. home improvement retailer, raised its full-year profit forecast after second-quarter profit exceeded analysts’ estimates, spurred by increased traffic and spending by customers.

Net income advanced 14 percent to $1.36 billion, or 86 cents a share, in the quarter ended July 31, from $1.19 billion, or 72 cents, a year earlier, the Atlanta-based company said today in a statement. Analysts projected 82 cents, the average of 21 estimates in a Bloomberg survey.

Home Depot, led by Chief Executive Officer Frank Blake, increased the number of transactions by 1.1 percent while the value of the average sale rose 3.3 percent to $54.04. Lawn and garden sales rebounded from rainy, colder-than-average temperatures in the first quarter, boosting sales from older stores more than analysts had projected.

Revenue from stores open at least 12 months climbed 4.3 percent, exceeding the median forecast of a 1 percent gain by Janney Capital Markets, Piper Jaffray Cos. and JPMorgan Chase & Co. Revenue gained 4.2 percent to $20.2 billion, helped by purchases related to storm repairs.

The company increased its per-share profit forecast for the year ending Jan. 29 to $2.34. It had projected $2.24 in May. Analysts expected $2.30.

Home Depot rose 88 cents, or 2.9 percent, to $31.46 yesterday in New York Stock Exchange composite trading. The shares have declined 10 percent this year.

Lowe’s Co., the second-largest U.S. home-improvement retailer, said yesterday that profit in its fiscal 2011 will be less than it previously projected after comparable-store sales fell.