Home Depot net income climbs on sales spike

ATLANTA - Home Depot Inc.'s (HD) fiscal fourth-quarter net income rose 32 percent on tight cost controls and spiking sales.

The world's biggest home-improvement company reported Tuesday that it earned $774 million, or 50 cents per share, for the period ended Jan. 29. That's up from $587 million, or 36 cents per share, a year earlier.

The earnings topped the 42 cents per share analysts expected.

Revenue increased 6 percent to $16.01 billion, beating Wall Street's $15.5 billion estimate.

Revenue at stores open at least a year climbed 5.7 percent.

The Atlanta company projected fiscal 2012 earnings of about $2.79 per share, after expected stock buybacks. Revenue is expected to climb approximately 4 percent, implying $73.2 billion.

Analysts foresee earnings of $2.76 per share on revenue of $72.47 billion.