Net earnings rose to $1.53 billion, or $1.01 a share, in the second quarter ended July 29 from $1.36 billion, or 86 cents a share, a year earlier.
Analysts on average were expecting a profit of 97 cents a share, according to Thomson Reuters I/B/E/S.
Sales rose 1.7 percent to $20.57 billion, but fell short of the analysts' average estimate of $20.74 billion.
The second quarter is typically the most important selling period for home improvement chains, but unseasonably warm weather early in the year pulled some demand into the first quarter.
(Reporting by Dhanya Skariachan in New York; Editing by Lisa Von Ahn)
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