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Home Depot’s profit surges 32 percent

Home Depot said it will boost its dividend 34 percent.

Matt Campbell/EPA

Home Depot said it will boost its dividend 34 percent.

Quarterly net income at Home Depot, the biggest US home improvement chain, surged 32 percent to $1.02 billion, beating expectations. Full-year net income rose 17 percent, to $4.54 billion. The results were helped by strong US sales and the Hurricane Sandy cleanup. Rival Lowe’s Cos. on Monday also beat profit estimates — more evidence of a housing market recovery. Home Depot said that its results were strong across the country — even in places not hurt by the storm.

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