Home Depot Helped by Housing Recovery, Post-Sandy Rebuilding

The Home Depot reported $18.2 billion in sales for the 14-week fourth quarter of fiscal 2012, a 13.9 percent increase from the fourth quarter of 2011. The extra week at the end of the quarter added approximately $1.2 billion in sales. Net earnings rose to $1 billion in the fourth quarter, up from $774 million the year before.

At the end of the 53-week 2012 fiscal year, the company's net sales reached $74.7 billion, up 6.2 percent from 2011, and net earnings rose 16.8 percent from 2011 to $4.5 billion.

Home Depot Chairman and CEO Frank Blake credited the recovering housing market and reconstruction after Hurricane Sandy for the increase in sales.

The company authorized a $17 billion share repurchase program to be completed by the end of the 2013 fiscal year. It also intends to open nine new stores in 2013.