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.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.