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Home Depot CFO Cites Storm Repairs for 3Q Net Income Increase

Home Depot CFO Cites Storm Repairs for 3Q Net Income Increase

During a recent conference call, the chief financial officer of Home Depot partially attributed the company's 12 percent net income rise in the third quarter to storm-related repairs stemming from Hurricane Irene.

According to The Associated Press,

During a recent conference call, the chief financial officer of Home Depot partially attributed the company's 12 percent net income rise in the third quarter to storm-related repairs stemming from Hurricane Irene.

According to The Associated Press, finance chief Carol Tome noted that the company has developed a new strategy for monitoring what its customers are interested in purchasing.

"We have just started up a new consumer insights team and we are getting some very interesting data," Tome noted, adding that premium customers are actually buying more than other consumers.

The Los Angeles Times reported the world's largest home-improvement chain was able to remain ahead of its closest competitor, Lowe's, during the third quarter. Profit at Lowe's reportedly dropped 44.3 percent year-over-year, and the company has announced that it plans to close 27 stores this year.

The company's earnings per share also tumbled from last year's 29 cents to 18 cents, according to the news provider.  

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