Feb. 22 (Bloomberg) -- Home Depot Inc. said fourth-quarter earnings rose 9.5 percent, the smallest gain in almost two years, as appliance sales increased. Home Depot shares fell as much as 4.6 percent, the biggest drop in more than a year.

Net income at the world's largest home-improvement retailer climbed to $1.04 billion, or 47 cents a share, from $951 million, or 42 cents, a year earlier. Sales gained 11 percent to $16.8 billion, Atlanta-based Home Depot said in a statement today....