Home Depot Likes High Oil

Price increases in steel, copper and lumber contributed 200 basis points to overall same-store sales. Home Depot said it used "buying power to minimize the impact on customers."

Home Depot noted that it had 33 stores affected by Hurricane Charley, which hit parts of Southern Florida late last week. The stores stayed open as long as local governments would allow selling tarps, plywood and roofing materials. They re-opened on Saturday using generators.

In September, Home Depot will open its first store in Manhattan, which it says was "designed to meet the needs of Manhattan shoppers" in terms of convenience, store layout, merchandise and price.

Shares of Lowe's were riding Home Depot's success, lately up 79 cents, or 1.6%, at $49.93.