Home Depot Boosts Q1 Net 12.5 Percent
May 20, 2014,
ATLANTA-With help from the sale of a portion of its equity ownership in HD Supply Holdings, The Home Depot realized a 12.5 percent gain in first-quarter net income, which totaled $1.4 billion.
That sale resulted in an earnings benefit, net of tax, of $61 million. Net sales increased 2.9 percent to $19.7 billion in the quarter, which ended on May 4. This included a rise of 2.6 percent in same-store sales.
Frank Blake, Home Depot's chairman and CEO, said the quarter, which brought the beginning of the spring selling season, got off to a slow start. However, sales were solid in regions which were not affected by the weather, Blake said.
Home Depot said it expects sales for the fiscal year as a whole to gain 4.8 percent, in line with its previous guidance.