Home Depot posts another quarter of growth

Stormy weather around the country had something to do with Home Depot's third-quarter sales gain of 2.9%. So did strength in core categories.

The world's largest home improvement retailer posted a 4.2% comp-store sales gain for the quarter ended Oct. 30. Total sales increased 2.9% to $17.326 billion. And even bigger growth came in the net earnings column, where Home Depot reported a 13.0% increase and net earnings of $934 million.

“Our third quarter was driven by strength in our core categories and storm-related sales, as well as strong operating performance,” said Frank Blake, chairman and CEO. “We will continue to invest in our core initiatives to provide customers with exceptional customer service and great product values. I would like to thank our associates for their hard work and dedication.”

At the end of the third quarter, the company operated a total of 2,246 retail stores in the United States and abroad.

The report follows by one day the third-quarter report of rival Lowe's, which posted comp-store sales of positive 0.7%  and an earnings decline. 

Home Depot also announced that its board of directors declared a 16% increase in its quarterly dividend to 29 cents per share.