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Home Depot Posts Higher Sales, Earnings

Atlanta – The Home Depot reported higher sales, comp-store
sales and net earnings for its fiscal first quarter, ended April 29.

Sales were $17.8 billion for the first
quarter, a 5.9 percent increase from the prior year’s opening quarter. Comp-store
sales for the first quarter of fiscal 2012 rose 5.8 percent, and comp sales for
U.S. stores were up 6.1 percent.

Net earnings for the first quarter were $1.0
billion, compared with net earnings of $812 million
in the same period last year.

First quarter of fiscal 2012 results reflect a benefit to
earnings, net of tax, of $43
million related to the termination of Home Depot’s guarantee of a
senior secured loan, the company said.

“We saw a stronger-than-expected start to the year, driven
by record warm weather and continued demand for core products,” said Frank
Blake, chairman and CEO.

Home Depot updated its fiscal 2012 guidance, saying it now
expects sales to rise 4.6 percent for the year on a 53-week basis and expects
earnings per share to increase 17 percent this year.