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Home Depot’s Sales, Earnings Up In Quarter

Atlanta — The Home Depot reported higher sales, comp sales and net earnings in its fiscal first quarter, ended May 5. 5/21/2013 11:56:00 AM Eastern

Atlanta — The Home Depot reported higher sales, comp sales and net earnings in its fiscal first quarter, ended May 5.

Sales were $19.1 billion for the first quarter, a 7.4 percent compared with the prior year. Due to the 14th week in the fourth quarter of fiscal 2012, first-quarter sales benefited from a seasonal timing change that added approximately $574 million to sales.

On a like-for-like basis, comp-store sales for the first quarter of fiscal 2013 were positive 4.3 percent, and comp sales for U.S. stores were positive 4.8 percent, the chain said.

Net earnings for the first quarter were $1.2 billion, compared with earnings of $1.0 billion in the same period of fiscal 2012.

“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,” said Frank Blake, chairman and CEO.

Based on its year-to-date performance and outlook for the balance of the year, Home Depot raised its fiscal 2013 sales guidance and now expects sales to be up approximately 2.8 percent with comp-store sales up approximately 4 percent for the year.

The home-improvement chain also raised its fiscal 2013 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 17 percent to $3.52 for the year.

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