Home Depot Reports Rise In Q1 Sales, Earnings

The Home Depot has reported first quarter fiscal 2014 net earnings of $1.4 billion, or $1.00 per diluted share, compared with net earnings of $1.2 billion, or $0.83 per diluted share, in the same period of fiscal 2013. For the first quarter of fiscal 2014, ended May 4, diluted earnings per share increased 20.5% from the same period in the prior year.

The retailer noted that first quarter of fiscal 2014 results reflect a benefit to earnings, net of tax, of $61 million, or $0.04 per diluted share, related to the sale of a portion of the company’s equity ownership in HD Supply Holdings, Inc.

Total sales for the first quarter of fiscal 2014 were $19.7 billion, a 2.9% increase from the first quarter of fiscal 2013. Comparable store sales for the first quarter of fiscal 2014 were up 2.6%, and comp sales for U.S. stores rose 3.3%.

“The first quarter was impacted by a slow start to the spring selling season. But we had solid results in non-weather impacted markets and expect our sales for the year to grow in line with the guidance we previously provided,” said Frank Blake, chairman and CEO.

At the end of the first quarter, Home Depot operated a total of 2,263 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.