Home Depot Inc.’s net income rose slightly in the third quarter, as glimmers of a housing market recovery and storm-preparation added to sales and offset costs related to closing stores in China.
Results beat expectations, and the company also raised its forecast for the year. Shares rose nearly 4 percent.
Home improvement companies have long been under pressure due to the weak housing market, as consumers cut back on large-scale renovation projects. But they stand ready to benefit as evidence mounts that the housing market is slowly improving.
Superstorm Sandy also spurred sales, but executives were cautious about forecasting how much they thought they would benefit from the storm due to the extensive damage and slow recovery.
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