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Home Depot Beats Quarterly Same-Store Sales Estimates

(Reuters) - Home Depot Inc beat quarterly same-store sales estimates on Tuesday, as consumers bought more paint, tools and other home improvement products to do minor repair works while stuck at home due to the COVID-19 pandemic.

Same-store sales jumped 23.4%, surging past the analysts’ average estimate of a 10.5% rise, according to IBES data from Refinitiv.

Net income rose to $4.33 billion, or $4.02 per share, in the second quarter ended Aug. 2 from $3.48 billion, or $3.17 per share, a year earlier.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur

Source: Reuters

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