Home Depot Inc. said Tuesday that its fiscal second-quarter profit fell 7 percent, as the nation's biggest home-improvement retailer shuttered its Expo business and continued to be pinched by the recession.
Still, the Atlanta-based company's adjusted results beat Wall Street's expectations, and it lifted its guidance for full-year earnings from continuing operations.
Shares rose $1, or 4 percent, to $27.11 in premarket trading.
Home Depot earned $1.12 billion, or 66 cents per share, for the period ended Aug. 2. That's down from $1.2 billion, or 71 cents per share, a year earlier , The Associated Press reports.
Meanwhile, excluding a charge for closing the company's EXPO businesses and a tax benefit, profit at the Atlanta-based retailer was 64 cents a share, above the analysts' average forecast of 59 cents, according to Reuters Estimates , Reuters India reports.
"Concerns about the housing market, rising unemployment and softness in the overall economy continue to pressure consumers," said Home Depot CEO Frank Blake.
"Our business performed well in a down market, we captured market share and drove operating productivity. The combination made for a solid quarter relative to our plan.” , AFP reports.