Sales were up 13.9 percent in the fourth quarter of 2012 for Atlanta-based Home Depot as the rebound in the economy is helping business at the world’s largest home improvement retailer.
The company reported earnings of $1 billion or 68 cents a share in the fourth quarter of last year. That compared with earnings of $774 million or 50 cents a share in the fourth quarter of 2011. The company pointed out that some of the difference in the earnings stemmed from an additional week of earnings in the fourth quarter or 2012 over the previous year.
Home Depot also announced it was raising its dividends in the fourth quarter by 34 cents to 39 cents a share. The dividend wlll be payable on March 28 to shareholders of record on the close of business on March 14 of this year.
In addition, Home Depot said the company’s board authorized a $17 billion share repurchase program.
“We ended the year with a strong performance as our business benefited from a continued recovery in the housing market coupled with sales related to repairs in the areas impacted by Hurricane Sandy,” Frank Blake, the company’s chairman and chief executive officer, said in a statement. “I’d like to thank our associates for their hard work and dedication.”
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