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Home Depot Q1 Sales Up, Open 57 Stores

5/21/2002 08:38:00 AM Eastern

Atlanta - Riding the shopping rush of an early spring, sales at The Home Depot jumped 17 percent in the home improvement retailer's fiscal first quarter, reaching $14.3 billion, up from $12.2 billion in the same three months in 2001.

Comparable-store sales increased 5 percent during this period.

Net income climbed a healthy 35 percent in the first quarter, ended May 5, hitting $856 million, compared with $632 million in the year-ago period.

During the first quarter, The Home Depot opened 57 stores, the highest number of quarterly openings in the retailer's history. At the end of the three months, the retailer operated 1,386 stores.

Looking ahead, the company anticipates a 21 percent second-quarter increase in diluted earnings per share.

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