Home Depot Inc. The nation's largest home-improvement retailer said third-quarter profit fell 9 percent as demand remained soft amid the weak housing market. Net income was $689 million, or 41 cents per share, for the quarter ended Nov. 1, topping analyst predictions of 36 cents per share, according to a Thomson Reuters poll. Revenue fell 8 percent to $16.36 billion, also ahead of the $16.27 billion analysts predicted. Sales during the quarter were strong in paint, plumbing, flooring, garden, kitchen and bath and building materials, reflecting strength in smaller do-it-yourself projects. Sales of materials usually sold to professionals such as plywood, dimensional lumber and concrete were weaker.
Saks Inc. The luxury retailer eked out a quarterly profit for the first time in six quarters by trimming expenses and scaling back on promotions and clearance discounts even as sales fell, the company reported Tuesday. Saks earned $1.9 million, or 1 cent per share, in the three months that ended Oct. 31. That compares with a loss of $43.7 million, or 32 cents per share, a year earlier. Revenue fell 8.5 percent to $631.4 million.
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