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On Nov. 19, The Home Depot reported sales of $19.5 billion for the third quarter of fiscal 2013, a 7.4 percent increase from the third quarter of fiscal 2012. On a like for like basis, comparable store sales for the third quarter of fiscal 2013 were positive 7.4 percent, and comp sales for U.S. stores were positive 8.2 percent.
Net earnings for the third quarter were $1.4 billion, or $0.95 per diluted share, compared with net earnings of $947 million, or $0.63 per diluted share, in the same period of fiscal 2012. For the third quarter of fiscal 2013, diluted earnings per share increased 50.8 percent from the same period in the prior year. The prior year results reflect a nonrecurring charge of approximately $165 million, net of tax, or $0.11 per diluted share, due to the closing of seven stores in China. On an adjusted basis, the Company reported a 28.4 percent increase in diluted earnings per share from the same period in the prior year.
Based on its year-to-date performance and outlook for the remainder of the year, the Company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 5.6 percent. Comparable store sales, on a 52-week like for like basis, are expected to be up approximately 7.0 percent for the year.
On Nov. 20, Lowe's Companies, Inc. reported net earnings of $499 million for the quarter ended Nov. 1, a 26 percent increase over the same period a year ago. Diluted earnings per share increased 34.3 percent to $0.47 from $0.35 in the third quarter of 2012. For the nine months ended Nov. 1, net earnings increased 18.6 percent from the same period a year ago to $1.98 billion, and diluted earnings per share increased 29.6 percent to $1.84.
Sales for the quarter increased 7.3 percent to $13.0 billion from $12.1 billion in the third quarter of 2012, and comparable sales for the quarter increased 6.2 percent. For the nine month period, sales were $41.8 billion, a 5.8 percent increase over the same period a year ago, and comparable sales increased 5.1 percent.