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Article: Home Depot 1Q profit rises on fewer charges
- Article from:
- AP Online
- Article date:
- May 19, 2009
- Author:
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The Home Depot Inc. said Tuesday that its fiscal first-quarter profit climbed 44 percent on fewer charges, and the nation's largest home improvement retailer beat Wall Street's expectations despite lower sales.
Despite the stronger-than-expected performance, Home Depot's shares fell 5 percent after the retailer opted not to boost its full year outlook. Rival Lowe's Cos. surpassed analysts' estimates with its first-quarter profit on Monday and boosted its full-year outlook.
Atlanta-based Home Depot earned $514 million, or 30 cents per share, for the quarter ended May 3, compared with $356 million, or 21 cents per share, a year ago.
Adjusted profit, which excludes results ...