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Improved housing market boosts Home Depot

NEW YORK A boost from the gradually recovering housing market helped Home Depot's (HD) net income edge up in its fiscal third quarter.

The world's biggest home-improvement retailer says that its net income rose to $947 million, or 63 cents per share for quarter that ended Oct. 28. That's up from $934 billion, or 60 cents per share, a year earlier.

Excluding a charge for closing some stores in China, Home Depot earned 74 cents per share. That topped analysts' expectations for earnings of 70 cents per share.

Home Depot CEO Frank Blake attributed the company's rising profit in part to the recent rebound in the U.S. housing market.

"Our third-quarter results were better than we expected and reflected, in part, what we believe is the start of the path toward the healing of the housing market," he said.

Revenue rose more than 4 percent to $18.13 billion. Wall Street expected $17.92 billion.

Home Depot, based in Atlanta, runs more than 2,200 stores in the U.S. and around the world. Its smaller rival Lowe's Cos. reports its earnings Monday.

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