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Home Depot's 1st-Quarter Net Up 18% Amid Better Housing Market

Home Depot Inc.'s (HD) fiscal first-quarter earnings jumped 18% as the improving housing market trumped uncooperative weather during the period and the home-improvement retailer looks forward to a solid second quarter.Home Depot also benefited from buying related to Hurricane Sandy, where rebuilding of homes is still going on in the Northeast and mid-Atlantic.The showing was another strong quarter for Home Depot, whose own turnaround, on top of improving conditions for home construction and new home sales, has produced solid quarterly results. The report set a high bar for rival Lowe's Cos. (LOW), which reports its first-quarter results Wednesday."Increasing household formation, price appreciation, and higher housing turnover are all positives for our market," said Chief Executive Frank Blake on a conference call.But "credit availability remains tight and constrains the velocity of the recovery," Mr. Blake said.Sales related to Hurricane Sandy were approximately $145 million in the sec...

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