Earnings Report On Home Depot And J.C. Penney

Home Depot says it had "one of the best quarters in recent history." It credited the recovery in the housing market. Retailer J.C. Penney's quarterly revenue tumbled 12 percent.

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MONTAGNE: Home Depot says it had one of the best quarters in recent history. The number behind that claim, a 17 percent jump in earnings this past quarter. The company credited the recovering housing market in the U.S. and said spending by both contractors and regular customers was up.

Home Depot's main rival is benefiting even more from the housing recovery and strong demand for home refurbishing. Today, Lowe's reported a 26 percent rise in profits this past quarter. Both companies topped analysts' expectations.

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