The Home Depot built a strong first quarter in both overall sales and earnings.
In the first quarter ended May 1, The Home Depot recorded net earnings of $1.8 billion, or $1.44 per diluted share, compared with net earnings of $1.58 billion, or $1.21 per diluted share, in the year-prior period.
Home Depot beat an analyst average estimate published by MarketBeat by 10 cents.
Comparable store sales gained 6.5%, with comps for stores in the United States advancing 7.4%.
Overall sales were $22.76 billion for the first quarter of fiscal 2016, up 9% from the fiscal 2015 period. Operating income was $3.08 billion versus $2.6 billion in the quarter a year earlier.
“We were pleased with our stronger than expected start to the year, driven by solid execution and broad-based growth across the store,” said Craig Menear, Home Depot chairman, president and CEO. “This was made possible by our hard working associates and their continued dedication to our customers in a quarter marked by week-to-week demand spikes caused by weather variability.”
Home Depot operates a total of 2,275 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam as well as 10 Canadian provinces and Mexico.