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Home Depot Q4 profit slips but tops estimates; raises quarterly dividend
Atlanta – Home Depot Inc.'s net income in the fourth-quarter edged down 0.8%, hurt by snow and severe cold and one less week in the period than a year ago. But cost costs helped its earnings to top estimates and the chain raised its quarterly dividend by 21%.
The very cold weather should boost sales this spring, the chain’s most important sales period of the year, as people repair homes damaged this winter, Home Depot said.
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Calendar shift affects the Home Depot’s fourth quarter
Although the Home Depot’s overall sales missed analysts' expectations, the retailer said the calendar shift, which resulted in one fewer week in the fourth quarter compared to the prior-year quarter, affected its results.
The world's largest home improvement retailer reported fourth-quarter total sales of $17.7 billion, down 3% from the same quarter last year, which benefited from an extra week in the calendar. On a 13-week basis, the company's sales actually increased 3.9%.