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Home Depot meets forecast
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August 15, 2000: 8:30 a.m. ET
Hardware retailer sees profits gain 23%; J.C. Penney edges past estimate
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NEW YORK (CNNfn) - Leading home improvement retailer Home Depot Inc. posted second-quarter results in line with estimates Tuesday, while troubled department store operator J.C. Penney Co. edged past earnings forecasts despite a big drop in profits for the period.
Home Depot, a component of the Dow Jones industrial average, earned $838 million, or 36 cents a diluted share, for the period ended July 30. That was in line with the forecasts of analysts surveyed by earnings tracker First Call. The results rose 23 percent from the $679 million, or 29 cents a diluted share, the company posted a year earlier.
Sales at the Atlanta-based chain rose 21 percent to $12.6 billion.
Shares of Home Depot (HD: Research, Estimates) gained 3-1/16 to 59 in trading Monday ahead of the report, helping to lift the Dow.
J.C. Penney said that its earnings excluding special items came in at $11 million, or 1 cent a share in the period, down from $39 million, or 12 cents a share a year earlier. Analysts surveyed by First Call forecast breakeven results for the period.
The operator of the J.C. Penney department stores and Eckerd Drugs chain saw revenue edge up to $7.4 billion from $7.3 billion a year earlier.
Shares of J.C. Penney (JCP: Research, Estimates) gained 1/16 Monday to 17-15/16. 
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