Home Depot Earnings Rise in First Quarter

Atlanta, GA, May 19, 2009--Home Depot reported first-quarter earnings of $514 million, or $.30 a share, up from year-earlier earnings of $356 million, or $.21 a share.

On an adjusted basis, excluding charges related to the closing of the company's EXPO business, earnings were $587 million, or $.35 cents a share.

Sales in the first quarter fell 9.7% to $16.2 billion. Comparable-store sales fell 10.2%, and U.S. comparable-store sales declined 8.6%.

"Our markets, and the consumer in general, remain under pressure," said Frank Blake, chairman and CEO, in a press release.

"But we continue to make progress on improving our business as evidenced by stronger customer satisfaction ratings."

Home Depot reaffirmed it expects fiscal 2009 sales down 9%, with negative comparable- store sales in the high-single-digit area and per-share earnings from continuing operations down 7%.