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Home Depot Q3 profits rise, full breach costs not yet tallied
Atlanta – The Home Depot Inc. showed solid performance in the third quarter of fiscal 2014 despite reporting a major data breach in September, but still has not fully accounted for all the costs related to the breach. Home Depot reported net earnings of $1.5 billion, topping Wall Street projections and a 7% increase from $1.4 billion the same quarter in fiscal 2013.
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What data breach? HD’s comps increase 5.8%
Customers at the nation’s largest home improvement retailer appeared to shrug off any concerns about a data breach as Home Depot’s sales increased 5.4% to $20.5 billion. Comparable store sales increased 5.2%, but grew 5.8% at U.S. stores. The increased productivity at existing stores drove profit growth, with earnings increasing to $1.5 billion, or $1.15 per share, compared to $1.4 billion, or $95 cents a share, the prior year.
