Business News
Home Depot sees profits rise 21 per cent but sales stagnate
Nov 16, 2010, 13:04 GMT
Atlanta - Home Depot Inc. reported Tuesday third quarter net earnings of 834 million dollars, a 21 per cent rise from the same period last year.
Sales at the world's largest home improvement retailer, however, were at 16.6 billion dollars, up just 1.4 percent from the third quarter of fiscal 2009.
Home Depot said it was controlling costs, as part of its efforts to bolster profits.
The company, which has 2,224 stores around the world, updated its guidance for the year and now expects sales to be up 2.2 percent over 2009.
However, concern remains for the retail market as jobs data was still weak and consumers were wary of spending.
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