Home Depot remained a bright spot in the retail sector in the first quarter, building strong comps, sales and earnings.
In the first quarter, The Home Depot recorded net earnings of $2.01 billion, or $1.67 per diluted share, compared with net earnings of $1.8 billion, or $1.44 per diluted share, in the same period of fiscal 2016. Home Depot exceeded a MarketBeat published analyst average estimate of $1.61.
Comparable store sales increased 5.5% with comp sales for stores in the United States up 6%, the company reported.
Overall, sales gained 4.9% to $23.89 billion versus the quarter the year prior. Operating income was $3.35 billion versus $3.08 billion in the year-previous period.
“We were pleased with our results as they reflected broad-based growth across our interconnected platform and all geographies,” said Craig Menear, Home Depot chairman, president and CEO.
Home Depot operates a total of 2,281 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.