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Home Depot Reports 72 Percent Increase in Fourth Quarter Earnings

Photo Courtesy - Tim Sloan/AFP/Getty Images(ATLANTA) -- Home Depot came out with its latest financial report Tuesday, showing an increase in net earnings by 72 percent in the fourth quarter.

The world's largest home improvement retailer said earnings went up to $587 million, or 36 cents per diluted share, for the three months ended Jan. 30, compared to the $342 million it earned in the same time period the year before.

The retailer also said sales increased by 3.8 percent to $15.13 billion in the fourth quarter, up from $14.57 billion in the same quarter the previous year.

"In 2010, we continued to invest in our business and made solid progress against our key initiatives," Frank Blake, chairman and CEO of Home Depot, said.  "We completed the rollout of our Rapid Deployment Centers, an important part of our distribution network; we saw year-over-year improvement in customer service ratings; and we continued progress on our merchandising transformation.  Our actions, coupled with an improving economy, resulted in positive sales growth for the year, the first time since 2006."

Copyright 2011 ABC News Radio

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