Home Depot Reports Higher Quarterly Profit

Atlanta, GA, Aug. 16, 2011 -- Home center operator Home Depot reported better-than-expected quarterly net income.

The firm said second-quarter net income rose to $1.36 billion, or $0.86 a share, from $1.19 billion, or $0.72 a share, a year ago.

Sales rose 4.2% to $20.23 billion, beating analysts' average estimate of $19.96 billion.

“Our second-quarter results were driven by a rebound in our seasonal business, storm-related repairs and strength in our core categories,” said CEO Frank Blake.

The earnings report comes on the heels of rival Lowe's, which reported flat income for the quarter.