Home Depot Profit Jumps in First Quarter

Home Depot, the largest US home improvement supplies retailer, reported double digit growth in its fiscal first-quarter earnings against a backdrop of rising sentiment in the US housing market. Net earnings for the quarter ended April 30 totaled $2.01 billion, or $1.67 per diluted share, compared with $1.80 billion, or $1.44 per diluted share, in the same period a year earlier, the Atlanta, Georgia-based company said in a statement on Tuesday. The consensus estimate of analysts polled by Capital IQ had been for net earnings of $1.94 billion during the period.

Revenue was worth $23.89 billion compared with $22.76 billion in the fiscal first quarter a year earlier and also topped the average analyst forecast of $23.74 billion in a Capital IQ poll. And gross profit was up by 4.7% at $8.15 billion. The results “reflected broad-based growth across our interconnected platform and all geographies,” Craig Menear, chief executive of Hoe Depot, said.

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