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Home Depot sees income jump in 2Q

Aug. 21, 2013 @ 12:00 AM

ATLANTA -- Home Depot's second-quarter net income jumped 18 percent, helped by an improving housing market and good response to holiday events.

The nation's biggest home improvement retailer's results beat Wall Street expectations and the company raised its full-year earnings and revenue expectations.

A slowly improving employment landscape and extremely low interest rates this year have created such great demand that homebuilders are having some difficulty securing land and keeping pace. That's good news for home-improvement retailers because as home values improve customers feel more comfortable investing money in projects for their home. Home Depot's smaller rival Lowe's Cos. will report results Wednesday.

"There were four key factors that drove our performance: strong summer events, a recovering seasonal business, commodity inflation and strength across the remainder of the store," said Craig Menear, executive vice president of merchandising.

Signs that the housing market is on the upswing are plentiful: on Friday, the Commerce Department said that builders began work on houses and apartments at a seasonally adjusted annual rate of 896,000 in July. That was up 6 percent from June, though below a recent peak of more than 1 million in March.

TJX 2Q results exceed, lift 2013 profit forecast

FRAMINGHAM, Mass.-- The parent company of T.J. Maxx and Marshalls clothing stores saw net income rise 14 percent during the second quarter, with savvy shoppers continuing to flock to its stores for discounts on designer goods and other wares.

TJX Cos. beat Wall Street expectations, and the company boosted its profit outlook for the year.

TJX is one of the few retailers to post strong quarterly results this earnings season. Wal-Mart Stores Inc. and Macy's Inc. fell short of expectations and lowered their forecasts last week. J.C. Penney reported another huge quarterly loss Tuesday.

TJX earned $479.6 million, or 66 cents per share, in the most recent period.

Lifeway Christian Store to open in November

BARBOURSVILLE -- Lifeway Christian Store will be coming to Huntington Mall campus in November. The new store will offer books, magazines, audio, video, gifts and educational materials that appeal to Christian audiences.

Lifeway Christian Store will operate in the 6,100-square-foot space between Michael's Crafts and Best Buy.

Lifeway Christian Stores are a division of Lifeway Christian Resources of Nashville, Tenn. Dedicated to serving the Southern Baptist Convention and the Evangelical Christian community, the Lifeway organization operates more than 160 stores nationwide.

Allegiant to fly from Bridgeport to Orlando

BRIDGEPORT, W.Va. -- Allegiant Air plans to begin nonstop jet flights between North Central West Virginia Airport and Orland-Sanford International Airport in mid-November.

Allegiant Air and the Bridgeport airport announced the new service Tuesday.

The twice-weekly flights will begin Nov. 14. Flights will be available at an introductory $99 round-trip fare through April 29, 2014. But flights must be booked by Aug. 27 to receive the introductory fare.

North Central director Rick Rock says Orlando, Fla., is the airport's top travel destination.