Despite a slow start to the spring selling season, Home Depot still showed a strong sales gain in the first quarter.
For the first quarter ended April 29, The Home Depot posted net earnings of $2.4 billion, or $2.08 per diluted share versus $2.01 billion, or $1.67 per diluted share, in the 2017 period.
Comparable sales gained 4.2% with comp sales in the United States climbing to 3.9%. Customer transactions declined 1.3% but average ticket advanced 5.8% from the year-previous quarter.
First quarter net sales were $24.95 billion, up 4.4% year over year. Operating income gained 1% to $3.38 billion.
“We are pleased by the strength of our business despite a slow start to the spring selling season,” said Craig Menear, Home Depot chairman, president and CEO. “Outside of our seasonal business, we had solid results in all markets and categories and are seeing strong momentum in all lines of business during these first few weeks of May. These trends, as well as a favorable housing and macroeconomic backdrop, give us confidence to reaffirm our sales and earnings guidance for fiscal 2018.”