Home Depot delivers latest upbeat housing signals |
| MarketWatch - Nov 13, 2012 |
Providing a positive signal for the housing market, the world’s largest home-improvement retailer, Home Depot Inc., reported a better-than-expected fiscal-third-quarter profit Tuesday and raised its outlook for the year.
Among its upbeat indicators, the company /quotes/zigman/229488/quotes/nls/hd HD +3.71% cited continued improvement in Florida and California, both of which were among the states hardest hit by the housing downturn, as well as increased sales to professional contract customers, another key barometer of housing-market demand.
“We believe the U.S. is still working through the issues associated with the housing crisis,” Chief Executive Frank Blake said during a Tuesday conference call, adding that national numbers also show housing has regained its status as a positive contributor to U.S. economic growth.
“Credit availability remains a major issue, but we can start to see the housing market as an assist to our growth rather than an anchor,” he said. “We are starting to see the recovery of the housing market. The harder-hit areas that were really the epicenter of the housing crisis appear to be on the mend, and it’s been constructive, and it’s been consistent.”
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- Posted: 2012-11-13 15:20:42
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