Home Depot Rises After Profit Gains on Revved-Up Home Market
- Same-store sales topped analysts’ estimates in fourth quarter
- Was a solid end to a ‘noisy 2019’ for retailers, analyst says
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Home Depot Inc. rebounded from a string of disappointing results with profit in the fourth quarter that topped analysts’ projections as the U.S. housing market heated up. The shares gained the most in six months.
Earnings per share amounted to $2.28 in the period that ended Feb. 2, the company said Tuesday, exceeding the average estimate by 17 cents. The home-improvement retailer also raised its forecast for same-store sales this year -- a key measure of performance -- to as much as 4% after cutting it to 3.5% three months ago.