More big numbers from Home Depot
The world’s largest home improvement retailer raised its earnings expectations as it announced first quarter sales and earnings gains.
Sales increased 4.9% to $23.9 billion for the first quarter. Comparable store sales increased 5.5%, as comp-store sales for U.S. stores were up 6.0%.
“We were pleased with our results as they reflected broad-based growth across our interconnected platform and all geographies,” said Craig Menear, chairman, CEO and president.
Net earnings for the first quarter of fiscal 2017 were $2.0 billion, compared with net earnings of $1.8 billion, in the same quarter last year. For the first quarter of fiscal 2017, diluted earnings per share increased 16.0% from the same period in the prior year.
The company reaffirmed its fiscal 2017 sales growth guidance and expects sales will be up approximately 4.6% and comp sales will be up approximately 4.6% for the year. Home Depot also raised its diluted earnings-per-share growth guidance for the year and now expects diluted earnings-per-share growth after anticipated share repurchases of approximately 11.0% from fiscal 2016 to $7.15.
The number of customer transactions, average ticket and sales per square foot all increased for the Atlanta-based retailer.
• Number of customer transactions: 380.8 million, up 1.6%;
• Average ticket: $62.39, up 3.9%; and
• Sales per square foot: $394.17, up 4.6%.
At the end of the first quarter, the company’s store count, including Canada and Mexico, stood at 2,281 — that’s three more stores than at the end of last year.