Home Depot Inc's quarterly profit beat market estimates for the sixth straight quarter as the No.1 U.S. home improvement chain drew in more shoppers who spent more on average amid an improving housing market.
The company also increased its quarterly dividend by 15.7 per cent to US$1.03 per share.
Sales at stores open for more than a year rose 7.5 per cent in the latest fourth quarter, handily beating analysts average estimate of 6.5 per cent, according to Thomson Reuters I/B/E/S.
Comparative sales for at it U.S. stores increased 7.2 per cent, also beating analysts estimates of 6.1 per cent.
The company said its customer transactions rose 2 per cent, while the average ticket increased 5.5 per cent.
However, Home Depot's comparable store sales growth forecast of 5 per cent for fiscal year 2018 was below analysts estimate of an increase of 5.4 per cent.
The retailer's net sales rose 7.5 per cent to US$23.88 billion in the latest fourth quarter beating analysts estimate of US$23.66 billion.
Home Depot's net earnings rose 2 per cent to US$1.78 billion, or $1.52 per share, in the quarter ended Jan. 28.
Excluding one time items, the company earned $1.69 per share beating analysts' estimate of $1.61 per share.
Home Depot said last month that the U.S. tax laws reform would lead to an expense of about $150 million. The company recorded an expense of $127 million.
This along with a planned one-time $1000 bonus payment for employees, lowered fourth-quarter profit by about 17 cents per share.
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