Chain’s profit rises

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Tuesday, Aug. 19, 2003 | 9:35 a.m.

ATLANTA -- The Home Depot reported today its profits rose 9.9 percent in the second quarter as the company beat Wall Street expectations.

The Atlanta-based home improvement chain's net income of $1.3 billion, or 56 cents a share, was up from $1.18 billion, or 50 cents a share, in the year-ago period.

Analysts surveyed by Thomson First Call were expecting net earnings of 54 cents a share for the second quarter, which covers the three-month period ending Aug. 3.

Home Depot attributed its second-quarter gains to an increase in sales of products like John Deere lawn tractors and a television advertising strategy that emphasizes do-it-yourself projects.