Home Depot Net Climbs 12 Percent

ATLANTA-Effective cost management offset a slight drop in sales to bring a 12 percent increase in first-quarter net income to The Home Depot, to $812 million.

Net sales slipped 0.2 percent to $16.8 billion for the quarter, which ended on May 1, and included a 0.6 percent decline in same-store sales. But the home-improvement retailer benefitted from decline in selling, general and administrative expenses of 1.7 percent in dollars, which also shaved off 35 basis points in SG&A as a percentage of sales, to 23.8 percent. Gross margin improved by 28 basis points to 34.6 percent.

Frank Blake, Home Depot's chairman and CEO, said sales dipped because of a poor spring selling season. However, the company said it expects net sales for the whole fiscal year to rise 2.5 percent.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Sponsored: De'Longhi Unveils New Products Across Home at the Houseware Show

    Camera Icon   More Videos