Home Depot lifted by warm weather in Q1
Atlanta-based Home Depot made first-quarter history for the period ended April 29 with net earnings crossing the $1 billion mark.
The company reported net income of $1.035 billion, up 27.5% from the same quarter last year. Sales were also up, rising 5.9% to $17.81 billion in the quarter. Comparable-store sales were 5.8%, the highest figure in more than seven years.
“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. “I would like to thank our associates for their hard work and dedication.”
With the strong quarter under its belt, the company increased its fiscal 2012 guidance and now expects sales to be up about 4.6% for the 53-week year.
The company’s store count increased by two in the quarter to a total of 2,254.