Home Depot Inc reported a higher-than-expected quarterly profit on Tuesday and raised its full-year outlook as the world's largest home improvement chain benefited from recent improvements in the U.S. housing market.
Net earnings rose to $947 million, or 63 cents per share, in the third quarter ended on October 28 from $934 million, or 60 cents per share, a year earlier.
Excluding a charge for closing seven stores in China, Home Depot said it had earned 74 cents per share. On that basis, analysts on average were expecting 70 cents, according to Thomson Reuters I/B/E/S.
Sales rose nearly 5 percent to $18.13 billion. Sales at stores open at least a year increased 4.2 percent globally, including a 4.3 percent rise in the United States.
For the full year, Home Depot said it expected sales growth of 5.2 percent and earnings of $3.03 per share, excluding the 11-cent charge.
Its prior forecast called for sales to rise 4.6 percent, with earnings of $2.95 per share.
(Reporting by Martinne Geller and Dhanya Skariachan in New York; Editing by Lisa Von Ahn)