Home Depot beats quarterly same-store sales estimates

(Reuters) – Home Depot Inc beat quarterly same-store sales estimates on Tuesday, as consumers bought more paint, tools and other home improvement products to do minor repair works while stuck at home due to the COVID-19 pandemic.

Same-store sales jumped 23.4%, surging past the analysts’ average estimate of a 10.5% rise, according to IBES data from Refinitiv.

Net income rose to $4.33 billion, or $4.02 per share, in the second quarter ended Aug. 2 from $3.48 billion, or $3.17 per share, a year earlier.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)