ATLANTA (AP) — 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.
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 percent 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 percent to $20.57 billion, but was shy of the $20.74 billion Wall Street expected.