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Home Depot’s (HD) third-quarter profit topped analysts’ estimates, showing that consumers are still willing to spend money on their homes. Per Bloomberg:
According to the article, profit in the three months through Nov. 1 was $1.36 a share, excluding some items. Analysts projected $1.32 a share.
While several parts of the retail industry have struggled this year as shoppers hold off on discretionary purchases, home improvement has continued to shine. Home Depot’s sales rose 6.4% to $21.8 billion last quarter — the biggest gain this year — helped by higher employment, lower gasoline prices and a roughly four-year run-up in housing prices that’s encouraging Americans to spend on their dwellings.
