The Home Depot delivered a positive performance in its first quarter, reporting an increase in both net sales and earnings.
The home improvement retailer reported sales of $26.4 billion for the first quarter of fiscal 2019, a 5.7% increase from the first quarter of fiscal 2018. Comparable sales for the first quarter of fiscal 2019 was 2.5%, and comparable sales in the U.S. was 3%. In the first quarter, the difference between the company’s sales growth and comparable sales performance reflects a shift in the calendar base due to 53 weeks of sales in fiscal 2018.
Net earnings for the first quarter of fiscal 2019 were $2.5 billion, or $2.27 per diluted share, compared with net earnings of $2.4 billion, or $2.08 per diluted share, in the same period of fiscal 2018. For the first quarter of fiscal 2019, diluted earnings per share increased 9.1% from the same period in the prior year.
“We were pleased with the underlying performance of the core business despite unfavorable weather in February and significant deflation in lumber prices compared to a year ago,” said Craig Menear, chairman, CEO and president, The Home Depot. “Looking ahead, we remain excited about the momentum we are seeing with our strategic investments. As a result of these initiatives, and the current macroeconomic and housing backdrop, today we are reaffirming our sales and earnings guidance for fiscal 2019.”