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Empresas y finanzas

Home Depot quarterly profit rises on cost cuts


    NEW YORK (Reuters) - Home Depot Inc reported a higher quarterly profit on Tuesday as the world's largest home improvement chain reined in its expenses.

    Home Depot has aggressively cut costs and boosted spending to improve existing stores in recent times.

    Net profit at Atlanta-based Home Depot came in at $514 million, or 30 cents a share, for the first quarter ended on May 3, compared with $356 million, or 21 cents a share, a year earlier.

    Excluding items, the company earned 35 cents a share.

    The U.S. housing slump and tight credit market has curtailed demand for big-ticket remodels that powered growth at home improvement chains in recent years.

    (Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)