News Summary: Home Depot 1Q rises

Home Depot 1st quarter net income rises on housing recovery, raises forecast

Associated Press

THE NEWS: Home Depot Inc.'s first-quarter net income rose 18 percent, thanks to the ongoing housing recovery, despite a chilly and wet spring. Its quarterly results topped Wall Street expectations, and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday.

THE CONTEXT: Home Depot and other retailers are enjoying easing pressure as the housing market slowly improves.

THE QUOTE: "While weather negatively impacted our seasonal and exterior businesses, our core interior project business remained strong throughout the quarter," said CEO Frank Blake.

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