Home Depot grows sales and income in Q3

The world's largest home improvement retailer rolled out its fourth straight quarter of positive comp-store sales. The Atlanta-based company also increased net earnings to $834 million, up 21% from $689 million in the same quarter last year.

"Our third-quarter sales reflect the fourth consecutive quarter of positive same-store sales for our business," said Frank Blake, chairman and CEO. "As the business stabilizes, we continue to improve our operational performance. We are exercising good control over our expenses, but we're also investing in the business to drive improvements across customer service, merchandising and our supply chain. I want to thank our associates for their hard work and dedication."

Sales for the third quarter totaled $16.6 billion, a 1.4% increase from the third quarter of fiscal 2009. Comparable-store sales for the third quarter were positive 1.4%, and comp-sales for U.S. stores were positive 1.5%.

The company's earnings report follows by one day that of Lowe's, which posted a third-quarter sales increase of 1.9% and a comp-store gain of 0.2%.

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