After slow start, HD posts Q1 gains

The Home Depot this morning reported first quarter sales of $19.7 billion, up 2.9% from last year's first quarter. Comparable-store sales were up 2.6%. Comp-store sales for U.S. stores were positive 3.3%.

The Atlanta-based retail giant also reported double-digit growth in net earnings -- up 12.5% to $1.38 billion. 

"The first quarter was impacted by a slow start to the spring selling season," said Frank Blake, chairman and CEO. "But we had solid results in non-weather-impacted markets and expect our sales for the year to grow in line with the guidance we previously provided."

That guidance calls for 2014 sales to be up about 4.8% from the previous year. 

At the end of the first quarter, Home Depot operated a total of 2,263 stores. No new stores were opened in the first quarter.

Breaking down the company's sales performance during the first fiscal quarter's three months, Carol Tome said comps for U.S. stores were up 2.8% in February, up 4.6% in March and up 2.8% in April.