Home Depot Inc. reported second-quarter profit that fell less than analysts had estimated and increased its full-year earnings forecast after reducing operating expenses.
Net income dropped 7.2% to $1.12 billion, or 66 cents a share, from $1.2 billion, or 71 cents, a year earlier, Atlanta-based Home Depot said. Excluding costs to close the company's Expo business and a tax gain, earnings were about 64 cents a share. Analysts predicted 59 cents, the average of estimates compiled by Bloomberg.
The retailer said it now expected earnings from continuing operations to decline by 15% to 20% this year after forecasting a drop of as much as 26% in June.
Home Depot shares rose 82 cents, or 3.1%, to $26.93.