Wal-Mart, Home Depot Raise Forecasts After Quaterly Profits Top Estimates

Wal-Mart Stores Inc. (WMT) and Home Depot Inc. (HD) raised their full-year forecasts after second-quarter profits beat analysts’ estimates, helped by U.S. consumers shopping for discount items and tools to repair their homes.

Profit in the year ending in January will rise to $4.41 to $4.51 a share, up from a previous projection of $4.35 to $4.50, Bentonville, Arkansas-based Wal-Mart, the world’s largest retailer, said today in a statement. Home Depot boosted its annual earnings-per-share forecast by 4.5 percent.

Wal-Mart Chief Executive Officer Mike Duke restored thousands of products on the shelves to lure shoppers seeking lower prices as they cope with high unemployment and fuel costs. At Home Depot, the largest U.S. home-improvement retailer, consumers bought flowers and cleaning supplies following spring storms, as well as kitchen appliances and building materials.

Read Full Article from Bloomberg

- Posted: 2011-08-16 12:27:57

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