Housing Rebound, Storm Help Home Depot

Atlanta, GA, Feb. 26, 2013 -- The Home Depot reported fourth quarter net income of $1.0 billion, or $0.68 per share, compared with net earnings of $774 million, or $0.50 per share, a year ago.

The company also reported sales of $18.2 billion for the fourth quarter, a 13.9% increase from the fourth quarter of fiscal 2011.

Comparable store sales for the quarter increased 7.0%, and comp sales for U.S. stores were up 7.1%.

The fourth quarter consisted of 14 weeks compared with 13 weeks for the prior year.

Excluding the 14th week, fourth quarter sales increased by 6.3% compared to the fourth quarter of fiscal 2011.

"We ended the year with a strong performance as our business benefited from a continued recovery in the housing market coupled with sales related to repairs in the areas impacted by Hurricane Sandy," said CEO Frank Blake.