Home Depot Q4 Earnings Top Wall Street Expectations, Extra Week Proves Beneficial For World's Largest Retailer [PHOTO].
(http://www.cnbc.com/id/100492445) Reports indicate that an extra week of sales in the current quarter and purchases made in the aftermath of Superstorm Sandy helped the world's largest retailer rake in sales of $18.2 billion for the fourth quarter of fiscal 2012 -- a 13.9 percent increase from the fourth quarter of fiscal 2011.
Net earnings for the fourth quarter were $1.0 billion, or $0.68 per diluted share, up from earnings of $774 million, or 50 cents per share, in the year-ago period. Sales rose to $18.25 billion from $16.01 billion a year ago.
Analysts had expected the company to report a profit of 64 cents per share on $17.70 billion in revenue, according to a consensus estimate from Thomson Reuters.
According to Home Depot, the 14th week of sales added about $1.2 billion to its top line, and it boosted earnings by about 7 cents a share.
The Atlanta based company also announced it would buy back as much as $17 billion of its own shares, and raise its dividend 35 percent to 39 cents from 29 cents a share. Earnings after the planned share repurchases will be up 12 percent to $3.37 a share in fiscal year 2013, the company said.
Home Depot projected fiscal 2013 sales growth to be approximately two percent, but be up 3 percent on a same-store sales basis.
Just one day earlier, competitor Lowe's (NYSE:(https://www.google.com/search?q=NYSE+Loews&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a#hl=en&client=firefox-a&hs=z21&rls=org.mozilla:en-US:official&q=NYSE+Lowes&spell=1&sa=X&ei=qMMsUZfDGOHWiwKyzoCQAg&ved=0CDIQBSgA&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.&bvm=bv.42965579,d.cGE&fp=a0a3da3e3a4b9c0&biw=1440&bih=831) LOW ) (http://www.cnbc.com/id/100486177) posted earnings that also topped analysts' expectations as a result of the improvements in the U.S. housing market and purchases made in the aftermath of Superstorm Sandy. For fiscal 2013, Lowe's said it expects to earn $2.05 a share; however, analysts estimate it will earn $2.10 a share.
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|Publication:||International Business Times - US ed.|
|Article Type:||Financial report|
|Date:||Feb 26, 2013|
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