by Overall same-store sales rose .3% during same quarterly period ended May 4
ATLANTA — Home improvement retailer Home Depot reported $39.9 billion in sales for its first fiscal quarter ended May 4, up 9.4% from the $36.4 billion it reported the same period last year.
Comparable-store sales for the first quarter were up .3%, and comparable-store sales in the U.S. rose .2%.
It also reported net earnings of $3.4 billion, or $3.45 per diluted share, compared with net earnings of $3.6 billion, or $3.63 per share, last year. Adjusted diluted earnings per share were $3.56 compared with $3.67 the same period last year.
“Our first-quarter results were in line with our expectations as we saw continued customer engagement across smaller projects and in our spring events,” said Ted Decker, chair, president and chief executive officer. “We feel great about our store readiness and product assortment as spring continues to break across the country, and I would like to thank our associates for their continued hard work and dedication.”
Gross profit for the first quarter totaled $13.5 billion, compared with $12.4 billion last year, an 8.3% increase. Operating income totaled $5.13 billion, compared with $5.08 billion, up 1.1%.
The company also said that it has reaffirmed its guidance for FY 2025, a 52-week year compared with a 53-week year last year. Key projections include:
+ It anticipates total sales growth of about 2.8%.
+ It anticipates 1% same-store sales growth for the comparable 52-week period.
+ It expects to open 13 new stores.
+ It anticipates a gross margin of 33.4% and an operating margin of 13%.
+ It anticipates diluted earnings per share to decline 3% from $14.91 in FY 2024.
+ It also projects capital expenditures of about 2.5% of total sales.
Furniture is an emerging category for the home improvement retailer, which sells a wide range of whole home furnishings on its website, www.homedepot.com. Consumers can either pick up the product at the store nearest their home, or have it delivered directly to their home.
