HOME DEPOT REPORTS 16 PERCENT
INCREASE IN FIRST QUARTER EARNINGS
ATLANTA – The Home Depot has reported first quarter of fiscal 2011 net earnings of $812 million, or 50 cents per diluted share, compared with net earnings of $725 million, or 43 cents per diluted share, in the same period of fiscal 2010. For the first quarter of fiscal 2011, diluted earnings per share increased 16.3% from the prior year.
Sales for the first quarter totaled $16.8 billion, a 0.2% decrease from the first quarter of fiscal 2010. Comparable store sales for the first quarter were down 0.6% and comp sales for U.S. stores were down 0.7%.
"We continued to improve our business and delivered double-digit earnings growth," said Frank Blake, chairman and chief executive officer. "Our sales declined slightly due to a slow spring selling season, but for the year we expect sales to grow in line with the guidance we previously provided. We will maintain our focus on providing great customer service and product and project values."
The company confirmed that it expects fiscal 2011 sales will be up approximately 2.5% from fiscal 2010. Based on its year-to-date performance, the company raised its fiscal 2011 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 11.4% to $2.24 for the year. This earnings-per-share guidance includes the benefit of the company's year-to-date share repurchases, but excludes the impact of future share repurchases.
The Home Depot operates 2,245 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China.
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