The Home Depot Builds Strong Third Quarter

The Home Depot has reported sales of $19.5 billion for the third quarter of fiscal 2013, ended November 3, a 7.4% increase from the third quarter of fiscal 2012. On a like for like basis, comparable store sales for the third quarter of fiscal 2013 grew 7.4% and comp sales for U.S. stores grew 8.2%.

Net earnings for the third quarter were $1.4 billion, or $0.95 per diluted share, compared with net earnings of $947 million, or $0.63 per diluted share, in the same period of fiscal 2012. For the third quarter of fiscal 2013, diluted earnings per share increased 50.8% from the same period in the prior year. The prior year results reflect a nonrecurring charge of approximately $165 million, net of tax, or $0.11 per diluted share, due to the closing of seven stores in China. On an adjusted basis, the company reported a 28.4% increase in diluted earnings per share from the same period in the prior year.

“Our third quarter results reflect the continuing improvement in the housing market and our solid operational performance,” said Frank Blake, Home Depot chairman and CEO.

Based on its year-to-date performance and outlook for the remainder of the year, the company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 5.6%. Comparable store sales, on a 52-week like for like basis, are expected to be up approximately 7% for the year, reported the retailer.

At the end of the third quarter, Home Depot operated a total of 2,260 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.