Home Depot Q1 net income rises, beats Street
Atlanta -- Home Depot reported Tuesday that profit rose 12% in the first quarter, beating Wall Street estimates and causing the retailer to boost its outlook for the full year.
Home Depot earned $812 million in the quarter ended May 1, compared with $725 million in the year-ago period.
Revenue, however, slipped 0.2% to $16.82 billion on a weaker spring selling season, missing analysts’ expectations of $17.06 billion.
Same-store sales dipped 0.6%, with U.S. stores down 0.7%.
Chairman and CEO Frank Blake said in a statement that sales were down due to the sluggish start to the spring selling season, which is the biggest season for the home improvement sector.