Home Depot profits surge, CEO sees business 'stabilizing'

Atlanta-based home improvement retailer Home Depot saw an increase in annual sales for the first time since 2006 as it raised its expectations for 2011.

The company credited an improving economy, in part, for a jump in fourth-quarter and annual profits in 2010.

"The overall picture is one of a stabilizing business," Home Depot chairman and CEO Frank Blake said.

Blake said states heavily affected by the housing crisis are no longer an anchor and performed in line with the rest of the country. Fourth-quarter sales were up nearly 5 percent in the U.S.

Home Depot saw positive same-store sales in every state but Georgia, leading to a 72 percent increase in profits for the fourth quarter. The company earned $587 million in the fourth quarter and $3.34 billion for the fiscal year ending in January, as compared to $342 million and $2.66 billion for the same periods in 2009.

Read Full Article from Atlanta Journal Constitution

- Posted: 2011-02-22 22:20:51

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