Atlanta, GA, United States (4E) – Home Depot said on Tuesday that first-quarter sales and net income climbed despite a weak start to the spring selling season as a result of the severe winter weather, although the results missed analysts’ estimates.
Sales advanced 2.9 percent to $19.69bn in the three months ended May 4, compared with $19.12bn a year ago. Analysts had projected $19.97bn, according to a report from FactSet.
Home Depot’s sales at U.S. stores open at least one year rose 3.3 percent.
The home improvement retailer’s earnings stood at $1.38bn, or $1 a share, from $1.23bn, or 83 cents a share, a year ago.
Excluding the gains from the sale of part of its stake in HD Supply Holdings, earnings were at 96 cents a share, compared with analysts’ estimates of 99 cents a share.
Home Depot increased its guidance for full-year earnings to $4.42 a share. Its previous forecast was for earnings of $4.38 a share. The chain giant maintained its revenue outlook for 2014 to increase by around 4.8 percent.