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Home Depot reports growth, again

In a wet-weather quarter, comparable-store sales are lowest since 2012.

BY HBSDealer Staff

The Home Depot reported first quarter sales of $26.4 billion, up 5.7% from the first quarter last year. Comparable store sales in the U.S. were up 3.0%, as total comps were up 2.5%.

The total comp figure is the lowest since the second quarter of 2012, when the company reported a 2.1% gain in total comparable-stores sales.

Net earnings for the quarter ended May 5 increased 4.5% to $2.51 billion.

Read the full press release here.

Pointing to confidence in its strategic investments, the Atlanta-based retail giant reaffirmed its earnings guidance for 2019. That guidance calls for sales growth of about 3.3% for the year. Comparable-store sales are expected to grow about 5.0% over 2018, which had 53 weeks on the fiscal calendar.

The company also reaffirmed its diluted earnings-per-share growth guidance for the year and expects diluted earnings-per-share growth of about 3.1% from fiscal 2018 to $10.03.

At the end of the first quarter, there were 2,289 Home Depot stores in operation.

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The bottom line: The company earned $2.513 billion in the quarter, up 4.5% from $2.404 billion in the 53-week fiscal 2018.

What the CEO said: “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.

Recent company news: The earnings report is the first since the announced retirement of CFO Carol Tome, who will continue in her post until Aug. 31. The first quarter report follows a record breaking performance in fiscal 2018.

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