Home Depot Net Income Jumps 31.9% Q4 2011

ATLANTA - Home Depot reported net income of $774 million, up 31.9 percent, on Q4 2011 sales of $16 billion, up 6.9 percent for the lumber, windows, door, cabinetry, home improvement supplies and tools retailer. Results were boosted by warm weather that extended home improvement season in some areas.

"With favorable weather, our business delivered results that exceeded our expectations,” said Frank Blake, chairman and CEO in announcing the earnings.

Home Depot says it expects sales to grow 4 percent in 2012, aided by the fact it will record 53 weeks of revenue during the year. The extra week is expected to add about $1 billion to its revenue.

Last month Home Depot acquired Redbeacon, an online home services platform connecting consumers with contractors for their home maintenance, repair and remodeling needs. It also announced plans to hire 70,000 temporary workers for the spring season - 10,000 more than last year.

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