Housing Recovery Spurs Home Depot Sales

Atlanta, GA, May 21, 2013 -- The Home Depot reported first quarter net income of $1.2 billion, or $0.83 per share, compared with net earnings of $1.0 billion, or $0.68 per share, a year ago.

The company reported net sales of $19.1 billion, a 7.4% increase from the first quarter of 2012.

Due to the 14th week in the fourth quarter of fiscal 2012, first quarter sales benefited from a seasonal timing change that added approximately $574 million to sales.

Comparable store sales for the first quarter of fiscal 2013 were up 4.3%, and comparable sales for U.S. stores were up 4.8%.

"In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business," said Frank Blake, chairman & CEO.

The company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 2.8% with comparable store sales up approximately 4.0% for the year.