News Summary: Home Depot posts strong 4Q results

AP News
Posted: Feb 26, 2013 11:29 AM

THE NEWS Home Depot Inc., the largest U.S. home improvement retailer, said its fiscal fourth-quarter net income surged 32 percent, beating expectations. Revenue rose 14 percent, helped by strong U.S. sales and the cleanup related to Superstorm Sandy.

THE CONTEXT: The news is the latest sign that Americans are feeling more comfortable spending money on their homes as the housing market slowly recovers.

THE HIGHLIGHTS: Home Depot said New York and New Jersey were the strongest regions as people repaired homes after Superstorm Sandy, but there was also recovery in Florida, California and Arizona — the hardest hit regions during the housing downturn.