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UPDATE: Home Depot Reports 12% Increase In Q1 Net Income, Lifts Profit Forecast

Home Depot Inc (NYSE: HD) reported a 12% rise in its fiscal first-quarter net income and raised its earnings forecast for the fiscal year.

The retailer reported its quarterly earnings at $812 million, or $0.50 per share, up from $725 million, or $0.43 per share, in the year-ago quarter. Its shares outstanding dropped 4.6% to 1.61 billion. The retailer's revenue dropped to $16.82 billion, from $16.86 billion. However, analysts were expecting earnings of $0.49 per share on revenue of $17.06 billion. Home Depot's comparable-store sales fell 0.6%.

The retailer also lifted its forecast of fiscal-year earnings to $2.24 per share, from its previous forecast of $2.20 per share. However, analysts expected earnings of $2.30 per share.

HD shares gained 0.59% to $37.20 in after-hours trading.

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