Home Depot, the largest U.S. home improvement chain, beat analysts' third-quarter sales and profit estimates on Tuesday, as hurricanes Harvey and Irma boosted demand for storm-related emergency products and rebuilding materials.
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Sales at stores open for more than a year rose 7.9 percent, above the average analyst estimate of 5.9 percent, according to Thomson Reuters I/B/E/S.
Comparable sales at U.S. stores increased 7.7 percent, above the average analyst estimate of 6 percent.
Home Depot said hurricane-related sales added about $282 million to comparable sales.
Home improvement retailers benefit from the sale of emergency storm-related merchandise such as generators, batteries and flashlights during hurricanes as well as from demand for rebuilding materials in the aftermath.
Home Depot's net income rose to $2.17 billion, or $1.84 per share, in the third quarter ended Oct. 29, from $1.97 billion, or $1.60 per share, a year earlier.
Net sales rose 8 percent to $25.03 billion.
Analysts on average had expected earnings of $1.82 per share and revenue of $24.55 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)